Trismegistus
11:52
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
chantry
Read a random definition: sleeping on rights
A quick definition of chantry:
A chantry is a special church service that used to be held for someone who had died. The person who founded the chantry would pay for a priest to say Mass for the soul of the deceased. Sometimes, a chapel or part of a church would be set aside for this purpose. This practice was stopped in England in the 16th century.
Chapter 7 is a type of bankruptcy that allows a trustee to sell a debtor's property to pay off their debts. This is usually done when the debtor cannot pay their debts and needs a fresh start. The process has five stages: getting the debtor into bankruptcy court, collecting their property, selling it, giving the money to creditors, and deciding if the debtor is free from further debt.
A more thorough explanation:
A chantry is a type of benefice in the history of the church. It was endowed for the purpose of saying Mass by chantry priests for the soul of the founder or their chosen individuals. In England, this practice was abolished by the Chantry Acts of 1545 and 1547. A chapel or part of a church could also be endowed as a chantry.
Example: In medieval times, wealthy individuals would often endow chantries to ensure that Mass was said for their souls after their death.
Chapter 7 is a section of the United States Bankruptcy Code that allows a trustee to collect and liquidate a debtor's nonexempt property to satisfy creditors. This can be done either voluntarily or by court order. An individual debtor who undergoes this type of liquidation usually gets a fresh financial start by receiving a discharge of all debts.
Example: If a person is unable to pay their debts and files for bankruptcy under Chapter 7, a trustee will collect and sell their nonexempt property to pay off creditors. Once this is done, the debtor may be discharged from further liability to these creditors.