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Describe the disadvantages of MMDS.
Chapter 7
A chapter under the U.S. Bankruptcy Code that deals with the process of liquidation, where a debtor's assets are sold off to pay creditors.
Debtor's Estate
All legal or equitable interests of the debtor in property at the time of bankruptcy filing.
Involuntary Petitions
Legal filings typically used in bankruptcy laws, forcibly initiating bankruptcy proceedings against a debtor by creditors.
Chapter 7
A provision of the bankruptcy code that provides for "liquidation," wherein a debtor's non-exempt assets are sold and the proceeds distributed to creditors.
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