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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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Houston Business Journal Houston Business Journal
Houston Business Journal Houston Business Journal Houston Business Journal Chapter 11 bankruptcy allows Engy to negotiate with its creditors to restructure its debts in a way that is more manageable without necessarily having to sell assets. That39s as opposed to Chapter 7 bankruptcy, wherein the company39s assets are sold off and more raquo

After Callowhill Restaurant Closure, Chapter 7 Bankruptcy Filing Philadelphi...
Philadelphia Business Journal After Callowhill restaurant closure, Chapter 7 bankruptcy filing Philadelphia Business Journal The parent company of a recently closed restaurant in the Callowhill neighborhood of Philadelphia has filed for Chapter 7 bankruptcy protection. Restaurant Brick amp Mortar in late July closed after two years in operation at 315 N. 12th St. in the

Amy Golden McCay Files For Chapter 7 Bankruptcy Arkansas Arkansas Business...
Arkansas Business Online Amy Golden McCay Files for Chapter 7 Bankruptcy Arkansas Arkansas Business Online The outstanding balance of an FDIC 324632 summary judgment from January 2015 against Amy Golden McCay is now part of her recently filed Chapter 7 and more raquo

Club Confirms Itaposs Considering Bankruptcy Club confirms it39s considering bankruptcy Lepera said the club has a differing legal opinion of bankruptcy39s impact on the lease. He added the North developers the club39s landlord have asked that the club file under Chapter 7. Unlike Chapter 11, it calls for assets to be sold off to pay

Brides Left Scrambling As Dressmaker Files Bankruptcy Detroit Free Press
Detroit Free Press Brides left scrambling as dressmaker files bankruptcy Detroit Free Press finally disclosed on its web site Monday that the company had filed for Chapter 7 bankruptcy on July 14, shutting down about 60 Alfred Angelo stores and leaving independent bridal shops, such as the Bay Bridal Boutique, in the dark about whether the Brides, bridesmaids, shops scrambling after dress designer Alfred Angelo bankruptcyKUTV 2News Bankrupt Alfred Angelo announces plan to fill bridal ordersWBFO Brides to be scrambling after Alfred Angelo closesFox 35 Orlando Colorado Springs and Pueblo News Consumerist GOOD Magazine David39s Bridal all 126 news articles raquo

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Facts of Law covering chapter 7 bankruptcy explained

Facts of Law - Bankruptcy Chapter 7