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Damian Sofsian's Articles in Bankruptcy

  • Chapter 7 Bankruptcy
    Chapter 7 is the most common form of bankruptcy in the United States. Chapter 7 refers to the number of a chapter in the Bankruptcy Code that lists the rules and regulations to be followed during liquidation proceedings. Very simply put, when business files for Chapter 7, it means that the organization intends to sell all its property and use the money to pay off its creditors. The business will then cease functioning.

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