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Chapter 7

Chapter 7 refers to Chapter 7 of Title 11 of the United States Code (the Bankruptcy Title).  Chapter 7 of the United States Bankruptcy Code is the Bankruptcy Code's "liquidation" chapter. Lawyers sometimes refer to it as a "straight bankruptcy." It is used primarily by individuals who wish to free themselves of debt simply and inexpensively, but may also be used by businesses that wish to liquidate and terminate their business. For more detailed information, click here.