Chapter 7 Bankruptcy

Chapter 7 bankruptcy cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. A Chapter 7 bankruptcy does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under Chapter 7 may result in the loss of property.

Should I hire a Chapter 7 Bankruptcy Attorney?

If you are a consumer or business facing foreclosure, lawsuits, liens, repossession or wage garnishment, an experienced Chapter 7 bankruptcy lawyer can find the best option to help eliminate your debt and give you a fresh financial start.

Frequently Asked Questions

• I want to know if I qualify for bankruptcy – what are the eligibility requirements?
  Depending on the type of bankruptcy proceedings that you wish to file, there are different eligibility requirements that are set by federal law, and thus apply equally to all states.  For … more
• Can I file for bankruptcy every few years?
  No. Once a discharge is granted, a debtor who filed under Chapter 7 or 11 is prohibited from filing for another 6 years. However, a debtor who filed under Chapter 7 can file a chapter 13 before … more
• What is a Chapter 7 bankruptcy?
  Chapter 7 is the liquidation chapter of the Bankruptcy Code. Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, … more
• What is a Bankruptcy Trustee and who is The United States Trustee?
  In all chapter 7, 12, 13 and in some chapter 11 cases, a case trustee is assigned. In chapter 7 cases they are called Panel Trustees. In chapter 12 and 13 cases they are called Standing Trustees. … more
• Will all of my debts be discharged in a Chapter 7 bankruptcy?
  No. It depends upon the type of debt.  Though bankruptcy filing does discharge most debts, there are certain debts which will not be removed.  These debts which are usually not removed … more