Guiding You through Liquidation with Financial Freedom

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 The most typical kind of bankruptcy is this one. The debtor's assets are sold in a Chapter 7 bankruptcy to pay creditors. Any remaining obligations to pay debts are discharged, which means the debtor is no longer required by law to do so.

  • Who can file for Chapter 7 bankruptcy?

Chapter 7 bankruptcy can be filed by both individuals and businesses. However, there are several prerequisites for qualifying that must be satisfied. For instance, people must be employed on a regular basis and be unable to make their debt payments on time. A company must be unable to function as a going concern.


Chapter 7 bankruptcy


  • What happens in a Chapter 7 bankruptcy?

The court names a trustee to manage the bankruptcy case once a debtor applies for Chapter 7 bankruptcy. Liquidating the debtor's assets and distributing the proceeds to the creditors are the trustee's responsibilities. The debtor must also give the court a list of their assets and debts.

For full article : https://gehilaw.com/practices-areas/bankruptcy-law/liquidation-chapter-7/

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