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Chapter 7 Bankruptcy

Authored By: South Carolina Bar Association

Chapter 7 refers to straight or liquidated bankruptcy. Under Chapter 7, a debtor (or husband and wife debtors) files a petition for relief, which automatically entitles the debtor to a court order protecting the debtor from the people or businesses to whom he owes money, who are called "creditors."

Last Review and Update: Jan 27, 2016