|
Ben Werner,
Student Newspaper Editor
|
An involuntary chapter 7 case may be commenced under certain circumstances by the filing of a petition by creditors holding claims against the debtor.
A chapter 7 petition for liquidation is filed by an individual debtor or by a husband and wife as joint debtors.
A Chapter 7 Bankruptcy begins with filing a petition on behalf of the debtor in Federal Bankruptcy Court.
|
|
Brian Mengel,
Civil Servant
|
If you were granted or denied a Chapter 7 discharge in a prior case within the last 6 years or completed a Chapter 13 plan in a prior case, you might not be entitled to receive a discharge in bankruptcy and probably are not a candidate for a Chapter 7 bankruptcy proceeding.
In Chapter 7, you select property you are eligible to keep from either a list of state exemptions or exemptions provided in the federal Bankruptcy Code.
FILING CHAPTER 7 BANKRUPTCY Your right to petition for relief under the United States Bankruptcy Code is set forth in Title 11 of the United States Code , sections 101 through 1330.
|
|
John Fielding,
CEO
|
Chapter 7 bankruptcy is a liquidation proceeding in which the debtor's non- exempt assets , if any , are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities established in the Code.
Chapter 7 covers liquidation of the debtor's assets; Chapter 11 covers reorganization of the bankrupt businesses; Chapter 13 covers payments of debts by individuals through a bankruptcy plan.
Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt.
|
|
Mike Enlow,
Internet Marketer
|
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 is a straight bankruptcy or "total wipe-out" of all one's unsecured debt, to enable one to make a fresh start.
A Chapter 7 bankruptcy is considered a liquidation bankruptcy, in which your unsecured debts are totally discharged.
|
|
|
