Chapter 7 Bankruptcy Lawyers - NATIONWIDE

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Chapter 7 Bankruptcy Information

WHAT IS CHAPTER 7?
The chapter of the Bankruptcy Code providing for "liquidation," i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. Top chapter 7 trustee A person appointed in a chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors. (The trustee's responsibilities include reviewing the debtor's petition and schedules, liquidating the property of the estate, and making distributions to creditors. The trustee may also bring actions against creditors or the debtor to recover property of the bankruptcy estate.)

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Fast Facts about Bankruptcy
There are different types of bankruptcy, which are detailed in our FAQ's section of this Web site. Briefly, consumers can either immediately discharge all of their debts (Chapter 7) or slowly pay a percentage of them off over time as they continue to work and earn income. (Chapter 13) Businesses can enter what's called "bankruptcy protection" (Chapter 11) while they reorganize themselves in a way that's acceptable both to their creditors and to the United States Bankruptcy Court. Bankruptcy law is federal in nature, and therefore is under the jurisdiction of federal law and courts.

Every bankruptcy involves a process by which debts are eliminated. Each bankruptcy takes time and effort, and you must organize your debts concisely in order to have a successful bankruptcy filing. Any licensed attorney specializing in the field of bankruptcy is more than qualified to guide you through this process. Please see our attorney directory to locate an bankruptcy attorney near you!

 

  
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