Bankruptcy filings are legal actions undertaken to protect or preserve assets of a debtor entity through either reorganization or orderly liquidation. Chapter 7 filings refer to bankruptcy petitions filed under Chapter 7 of the United States Bankruptcy Code (the “Code”). Bankruptcies and these filings under this chapter are known as liquidations. A liquidation is where the debtor’s assets are liquidated and converted to cash, with the proceeds distributed to the debtor’s creditors based on statutory priorities.
Jokes aside, smishing is