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Facts - Books - News    U.S. Facts Of Law:

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common type of bankruptcy petition filed in the United States.  It is used to liquidate a debtors assets and distribute them to the creditors as payment in full.  Except for obligations exempt from bankruptcy discharge, the debtor is absolved from further payment to the creditors.

Normally the entire process takes just a few months to complete from filing to liquidation to debt-free status.  A trustee is appointed by the court to liquidate the debtor's assets and distribute them to the creditors.  Debtors are allowed to retain some basic assets and may keep some secured assets while retaining the debt applicable to that asset.


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Candidate For County DA Filed For Bankruptcy During Divorce Times Albany T...
Albany Times Union Candidate for county DA filed for bankruptcy during divorce Times Albany Times Union Gerard Amedio at right speaks to the media at Saratoga Springs City Hall in 2010. The Republican is running against Karen Heggen for Saratoga County District Attorney. John Carl D39Annibale / Times Union. Photo: John Carl D39Annibale. Image 2 of 3 and more raquo

How Chapter 7 Liquidation Works: Toys R Us Preps Goingoutofbusiness Sales US...
USA TODAY How Chapter 7 liquidation works: Toys R Us preps going out of business sales USA TODAY When a company decides it can no longer stay in business, it often ends up filing for Chapter 7 bankruptcy liquidation. That appears to be the destiny of Toys R Us. The toy retailer filed for Chapter 11 bankruptcy protection in September, aiming to cut Toys R Us said to be preparing for Toys R Us preparing for liquidation, sources Toys 39R39 Us Is Prepping to Liquidate Its US OperationsBloomberg KABC TV KGO TV Wall Street Journal CNNMoney all 423 news articles raquo

Candidate For County DA Filed For Bankruptcy During Divorce Albany Times Union
Albany Times Union Candidate for county DA filed for bankruptcy during divorce Albany Times Union Court papers from the Chapter 7 show that Amedio owed 63,242, which included 33,570 for a BMW lease. The 4,000 owed to the IRS was also included in the total. The Chapter 7 allowed him to keep his leased BMW at a payment of 464 per month. He was

Tea2Go Files For Chapter 7 Bankruptcy KFDA NewsChannel 10 KFDA
Tea2Go files for Chapter 7 bankruptcy KFDA NewsChannel 10 KFDA The Amarillo owner of the drink chain Tea2Go has filed for permission to liquidate the chain in federal bankruptcy court. Jeffery Hunt39s Chapter 7 bankruptcy petition said the company has less tha and more raquo

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Facts of Law covering chapter 7 bankruptcy explained

Facts of Law - Bankruptcy Chapter 7