Chapter 7 - Liquidation

Chapter 7 - Liquidation

Chapter 7 of the U.S. Bankruptcy Code provides for the liquidation of a debtor's nonexempt property and the distribution of the proceeds to creditors.  The debtor is allowed to keep certain "exempt" property.

An appointed bankruptcy trustee gathers and sells the debtor's nonexempt assets, some of which may be property subject to liens and mortgages that pledge the property to other creditors. The proceeds are used to pay creditors in accordance with the provisions of the U.S. Bankruptcy Code.

Individual debtors filing a petition under chapter 7 usually have no liability for discharged debts but may also lose property.  A discharge is only available to individual debtors, not to partnerships or corporations. Also, some types of debts are nondischargeable.

Where can I get legal advice about my Bankruptcy issue or case?

If you have a Bankruptcy Law issue or case and want legal advice for your specific situation, call the law firm below to schedule an initial consultation. 

 TOP OF PAGE

Terms of Use Policy - The OptimusLaw® Bankruptcy Law Help Center is provided for your general information only.  This information is generic and may or may not apply to your particular city, county, state or your individual circumstances. State laws vary and are continuously changing. This information does not necessarily reflect the laws in your particular state.  It is not intended to be a source of legal advice or a substitute for qualified legal counsel.  Your access to and use of this web site is subject to additional terms and conditions found in our Terms of Use policy.  Please read it now.

Search for a Specific Legal Issue - We've included a powerful text search feature that lets you search every page in the OptimusLaw® Bankruptcy Law Help Center web site for words or combinations of words that you enter into the search form. Click the Search button below to use our web site search engine to help you find the legal information, legal issue or legal representation that you need. 

Lawyers, Advertise Your Firm - Get more clients by advertising in an OptimusLaw Help Center.  Click on Membership Info to learn how our full suite of marketing and technology services for lawyers and law firms can bring you a steady flow of new clients. Click a link to learn more about our help center marketing programs, lawyer directory marketing programs, web site design packages, web site hosting services and email services.

 TOP OF PAGE