☩ SOTERIAN GLOSSARY ☩

Living Language Lexicon of the Soteria Covenant

Chapter 7 Liquidation

A form of bankruptcy involving the orderly collection and liquidation of the debtor's non-exempt assets by a trustee, with proceeds distributed to creditors and remaining qualifying debts discharged.

Etymology: English compound · Category: Bankruptcy Law · Source: 11 U.S.C. §§ 701-784
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