Liquidation bankruptcy refers to a situation where a person or company is unable to pay off their debts and is forced to sell off their assets in order to repay creditors. Simply put, it means selling everything you own to pay off your debts.
Sentences with «liquidation bankruptcy»
A Chapter 7 personal bankruptcy filing is also known as liquidation bankruptcy. (attorneys.lawinfo.com)
Chapter 7 — also called liquidation bankruptcy — eliminates your general unsecured liabilities such as credit card debts, personal loans and medical bills. (valuepenguin.com)
Chapter 7 bankruptcy is known as asset liquidation bankruptcy, or simply straight bankruptcy. (policygenius.com)