Chapter 7 Filing Requirements Often called the 'liquidation chapter,' Chapter 7 is used by individuals, partnerships, or corporations who have no hope for repairing their financial situation. In Chapter 7, …

If you are an individual filing for chapter 7 bankruptcy, the trustee may sell your property to pay your debts, subject to your right to exempt the property or a portion of the proceeds from the sale of the …

Find information about bankruptcy laws, including answers to some of the most frequently asked questions. These videos will give you basic information about the process, the relief it offers, and …

Under chapter 7, a trustee takes possession of all the debtor's non-exempt property, if any, liquidates it for cash and uses the proceeds to pay creditors according to priorities of the Bankruptcy Code.

Chapter 7 does not involve the filing of a plan of repayment as in chapter 13 and is sometimes referred to as " straight bankruptcy ". Instead, a trustee is appointed in the case and sells the debtor’s …

The vast majority of cases are filed under the three main chapters of the Bankruptcy Code, which are Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy …

Chapter 7: Often called the liquidation chapter, chapter 7 is used by individuals, partnerships, or corporations who are unable to repair their financial situation. In chapter 7 asset cases, the debtor's …

Chapter 7 is the chapter of the Bankruptcy Code which provides for liquidation of the debtor’s assets, which is the sale of the debtor’s non-exempt property and the distribution of the proceeds to creditors.

Address: United States Bankruptcy Court Central District of California Edward R. Roybal Federal Building and U.S. Courthouse 255 East Temple Street Los Angeles, CA 90012

A Chapter 7 bankruptcy, often referred to as “liquidation”, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor’s estate, reduces them to cash, and …