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Answered 2010-01-25 11:31:35

A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.

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Related Questions

Can an individual dismissed from Chapter 13 bankruptcy refile for bankruptcy?

You can file a Chapter 7 bankruptcy.


Can you protect a structured settlement in a chapter 7 bankruptcy?

Yes you can protect it under chapter 7 bankruptcy


Chapter 7 limits?

what are the chapter 7 limits for bankruptcy?


How long does it take after a bankruptcy is discharged to show on your credit report?

The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.


When can you file a chapter 7 bankruptcy if you had a chapter 7 discharged in December 2001?

The bankruptcy petitioner can file another chapter 7 8 years after the date of filing of a previous chapter 7.


Can you keep your cars in a chapter 7 bankruptcy?

Yes, you can keep you car in chapter 7 bankruptcy. In Chapter 7 bankruptcy there are some rules. You can only file Chapter 7 if your income is below your state's median or is not enough to pay off your current debt.


In Kentucky How long after bankruptcy can you file chapter 7 and can you file chapter 13 after chapter 7?

You can file bankruptcy again 7 years after the last time you filed.


When can you file a chapter 7 bankruptcy again if you filed a chapter 7 in 2000 under old bankruptcy laws?

2008


After Chapter 7 bankruptcy has been Discharge can buy a home?

After Chapter 7 bankruptcy has been Discharge can buy a home


In a Chapter 7 bankruptcy a person filing for relief is called a?

In a Chapter 7 bankruptcy, a person filing for relief is called a


Where can one find Chapter 7 bankruptcy information?

Chapter 7 bankruptcy information can be found at US Courts, Corporate Bankruptcy, Lawcore, Personal Bankruptcy, Legal Helpers, NOLO, and Bankruptcy Help.


Where can I go online to find chapter 7 bankruptcy forms?

Chapter 7 Bankruptcy forms can be found on various reliable websites. A few of the sites that has Chapter 7 Bankruptcy forms are: www.uslegalforms.com/bankruptcy/, http://www.freebusinessforms.com/free-bankruptcy-forms.html and http://legal-forms-kit.com/.


Does income count AFTER you file chapter 7 bankruptcy?

A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.


If you filed chapter 13 bankruptcy and it was discharged can you file chapter 7 bankruptcy now?

Yes.


If you default on a chapter 13 bankruptcy can you file for a chapter 7?

An unfortunate aspect of Chapter 13 bankruptcy plans is that the budget is very strict and hard to keep. An individual having problems with the chapter 13 bankruptcy can convert into a chapter 7 bankruptcy or re-file altogether. Make sure to look into the changes and different effects that a chapter 7 (as compared to Chapter 13) will have on you.


Can you file chapter 7 again if you filed bankruptcy in 2001?

my chapter 7 bankruptcy discharged Jan 2002 when can i apply again


Where can I find Chapter 7 bankruptcy forms online?

There are several websites that have Chapter 7 bankruptcy forms. One of these websites is uslegalforms.com.


Are all debts automatically discharge in chapter 7 bankruptcy for a bankruptcy that occurred in 1988?

If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.


What is filing chapter 7 bankruptcy?

Chapter 7 is called Liquidation Under the Bankruptcy Code and is the chapter of the Bankruptcy Code providing for "liquidation,", the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.


Is a workers compensation settlement exempt under chapter 7 bankruptcy in Connecticut?

In Chapter 7 bankruptcy, the bankruptcy trustee cancels many (or all) of your debts. At the same time it might also sell (liquidate) some of your property to pay your creditors. Chapter 7 bankruptcy, also called "straight" or "liquidation" bankruptcy, is so named because the law is contained in Chapter 7 of the federal Bankruptcy Code.


Can you change your bankruptcy filing from Chapter 13 to Chapter 7?

can you change your filing from chapter 7 to chapter 13 ?


What is the different between a chapter 7 and chapter 13 bankruptcy?

In Chapter 7 bankruptcy, you ask the bankruptcy court to discharge most of the debts you owe. In exchange for this discharge, the bankruptcy trustee can take any property you own that is not exempt from collection.


What chapter is bankruptcy known as a straight liquidation?

chapter 7


What is chapter13 bankruptcy?

Chapter 13 bankruptcy is one of two forms of bankruptcy available to private citizens. The other form being chapter 7-the most common form of bankruptcy. Chapter 13 is a restructuring form of bankruptcy. Unlike Chapter 7, it allows the filer to pay off his or her debts over time-thus lessening to severe crush to credit of Chapter 7.


Is there a time limit to reopen a chapter 7 bankruptcy?

No, there is currently no time limit to reopen a chapter 7 bankruptcy filing. However, it will be up to the bankruptcy court if the case is reopened.