Chapter 7 Bankruptcy Laws Background
a. How Chapter 7 Works
b. Chapter 7 Background
c. Chapter 7 Eligibility
d. Alternatives to Chapter 7
e. Role of the Case Trustee
f. The Chapter 7 Discharge
Hiring a bankruptcy
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A Chapter 7 bankruptcy law case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the bankruptcy law code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the bankruptcy law code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 bankruptcy law may result in the loss of property.
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