Chapter 7 CHAPTER 7 BANKRUPTCY (Liquidation)CHAPTER 7 BANKRUPTCY - is the most commonly filed bankruptcy for consumers. It is called a "Liquidation Bankruptcy" because any unprotected assets (non-exempt) are liquidated (in other words taken and sold) by a person called the Trustee for the benefit of the bankruptcy filer's creditors. Most people who file Chapter7 bankruptcy do not have any assets taken because the applicable bankruptcy exemptions protect their assets. Those assets are protected up to the specific amounts as spelled out by the law of your local jurisdiction. It is important to have an experienced bankruptcy lawyer evaluate what assets or other issues (like creditor preferences and fraudulent transfers) could cause a problem with the Trustee or a creditor in the case. In most cases, a Chapter 7 will last 3 to 4 months from the date the bankruptcy is filed with court. At the end of the case, the bankruptcy filer will receive his or her bankruptcy discharge, which will eliminate all or most of the that person's debt. Schedule Your Consultation Now!Your first step to living debt free is just a phone call away! Call (503) 808-9032 to schedule an appointment. |
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