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    • What is a Chapter 7 bankruptcy?

    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.)

    -USCourts.gov, the Official Site of Judicial Branch of the U.S. Government

    Chapter 7 is a type of bankruptcy, also called “Liquidation,” in which a trustee takes over your assets and makes distributions to creditors, subject to your right to retain certain “exempt” property, and the rights of secured creditors.

    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.)

    -USCourts.gov, the Official Site of Judicial Branch of the U.S. Government

    Chapter 7 is a type of bankruptcy, also called “Liquidation,” in which a trustee takes over your assets and makes distributions to creditors, subject to your right to retain certain “exempt” property, and the rights of secured creditors.