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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.

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