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Ben Werner,
Student Newspaper Editor
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An involuntary chapter 7 case may be commenced under certain circumstances by the filing with the bankruptcy court of a petition by creditors holding claims against the debtor.
Chapter 7 bankruptcy is available to almost any individual debtor, so long as the court hasn't determined that the debtor is trying to abuse the system by filing.
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John Fielding,
CEO
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Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt.
CHAPTER 7 BANKRUPTCY: A type of bankruptcy in which a person's assets are liquidated (collected and sold) and the proceeds are distributed to the creditors.
A Chapter 7 Bankruptcy, or liquidation, permits a client to discharge all dischargeable debts, but provides for the liquidation of all non-exempt assets.
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Brian Mengel,
Civil Servant
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A Chapter 7 bankruptcy allows debtors to discharge their debts, subject to certain statutory exceptions, through liquidation of a debtors non-exempt assets, if there are any.
That is usually the time that preference actions begin before the two year statue of limitations from bankruptcy filing occurs or within a year after the case has been converted to a Chapter 7 Liquidation and a trustee has been appointed whichever is longer.
Chapter 7 bankruptcy, named for the chapter number in the bankruptcy code, requires a full liquidation of all debts and cancels all no-exempt debts.
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Mike Enlow,
Internet Marketer
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That is because chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt.
CHAPTER 7 BANKRUPTCY DOES NOT FREE YOU OF ALL DEBTS Certain debts are not discharged in a Chapter 7 bankruptcy, which you still may have to pay some debts, even after you declare bankruptcy.
A Chapter 7 bankruptcy is considered a liquidation bankruptcy, in which your unsecured debts are totally discharged.
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Thomas Owens,
Police Officer
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In a chapter 7 case, the bankruptcy court will order that the debtor be discharged of all dischargeable debts once the time for filing complaints objecting to discharge has expired unless: a.
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