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How Chapter 7 Works. A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.
Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation. Municipalities—cities, towns, villages, taxing districts, municipal utilities, and school districts may file under Chapter 9 to reorganize.
Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy law.
22 Ιαν 2024 · Liquidation under Chapter 7 is a common form of bankruptcy. It is available to individuals who cannot make regular, monthly, payments toward their debts. Businesses choosing to terminate their enterprises may also file Chapter 7.
28 Μαρ 2022 · Chapter 7 bankruptcy allows liquidation of assets to pay creditors. Unsecured priority debt is paid first in a Chapter 7, after which comes secured debt and then nonpriority unsecured debt.
A Chapter 7 bankruptcy, often referred to as “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 to creditors, subject to the debtor’s right to retain certain exempt property and the rights of secured creditors.
File Certificate of Credit Counseling, Lists, Schedules, Statements & Payment Advices (if not already filed with petition on Day 1)
