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IN THE HIGH COURT OF AUSTRALIA
CANBERRA REGISTRY NO C13 OF 2013BETWEEN:COMMONWEALTH OF AUSTRALIA
Plaintiff AND:AUSTRALIAN CAPITAL TERRITORY
DefendantANNOTATED SUBMISSIONS OF THE PLAINTIFF!GH COURT
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What is chapter 7 courts?
Chapter 7 courts refer to a type of bankruptcy proceeding in which a trustee is appointed to liquidate a debtor's nonexempt assets in order to satisfy creditors.
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Individuals, partnerships, corporations, and other business entities may be required to file for Chapter 7 bankruptcy if they are unable to pay their debts.
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To fill out Chapter 7 courts, one must gather financial information, complete the required forms, attend credit counseling, and file the paperwork with the bankruptcy court.
What is the purpose of chapter 7 courts?
The purpose of Chapter 7 courts is to provide a fresh start to debtors by liquidating their nonexempt assets to pay off creditors and discharge most of their debts.
What information must be reported on chapter 7 courts?
Information such as income, expenses, assets, debts, and financial transactions must be reported on Chapter 7 bankruptcy forms.
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