discharge

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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