Chapter 7

/Tag: Chapter 7

Two Basic Types of Consumer Bankruptcy

Two basic types of consumer bankruptcy cases are provided for under the Bankruptcy Code. The cases are traditionally given the names of the chapters that describe them. Chapter 7, entitled Liquidation, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions [...]

By |2016-11-14T23:35:09+00:00August 15th, 2010|Bankruptcy Blog|0 Comments

Chapter 7 Bankruptcy Discharge

A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor. Because a chapter 7 discharge is subject to many exceptions, debtors should consult competent legal counsel before filing to discuss the scope of the discharge. Generally, excluding cases that [...]

By |2016-11-14T23:35:10+00:00July 25th, 2010|Bankruptcy Blog|0 Comments

Role Of A Chapter 7 Trustee

When a chapter 7 petition is filed, the U.S. trustee  appoints an impartial case trustee to administer the case and liquidate the debtor's nonexempt assets. 11 U.S.C. §§ 701, 704. If all the debtor's assets are exempt or subject to valid liens, the trustee will normally file a "no asset" report with the court, and [...]

By |2016-11-14T23:35:10+00:00July 17th, 2010|Bankruptcy Blog|0 Comments

Alternatives to Chapter 7 Bankruptcy

Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor [...]

By |2010-07-12T04:45:25+00:00July 12th, 2010|Bankruptcy Blog|0 Comments

Who May Be A Debtor For The Purpose of Chapter 7?

According to § 109 of the Federal Bankruptcy Code, almost any person may be a debtor under chapter 7 only if such person or entity is not a railroad, financial institution, foreign insurance company, and foreign financial institution. A business that is not a partnership, corporation, or business trust, cannot file a separate bankruptcy petition [...]

By |2016-11-14T23:35:13+00:00June 19th, 2010|Bankruptcy Blog, Home Featured|0 Comments