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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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Defunct Len Druskin Files Ch. 7 Still Owing Thousands To MoA, Galleria Minne...
Minneapolis / St. Paul Business Journal Defunct Len Druskin files Ch. 7 still owing thousands to MoA, Galleria Minneapolis / St. Paul Business Journal Len Druskin Inc., the former Twin Cities clothing chain, has filed for Chapter 7 bankruptcy more than a year after it closed all its stores following the sale of the business to a CNBC program host. The Minneapolis based company reported total

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 preparing for liquidation, sources Toys 39R39 Us reportedly preparing for liquidationKABC TV How Toys R Us got to the brink of KGO TV Bloomberg CNNMoney all 423 news articles raquo Cardinals Legend Jack Clark Files Bankruptcy For Second Cardinals legend Jack Clark files bankruptcy for second Jack Clark, a popular St. Louis Cardinal who played with the team from 1985 to 1987, has filed bankruptcy for the second time. Clark39s attorney, Robert Eggmann of Carmody MacDonald PC, said that after Clark retired, he pursued a career in radio. Clark Cardinals legend Jack Clark files bankruptcy for second timeSt. Louis Business Journal all 10 news articles raquo

PES Likely To Resolve Growing Objections To Its Bankruptcy Plan StateImpact...
StateImpact Pennsylvania PES likely to resolve growing objections to its bankruptcy plan StateImpact Pennsylvania Philadelphia Energy Solutions is meeting more resistance to its plan to reorganize while in Chapter 11 bankruptcy, but is expected to resolve its differences with creditors including the federal government and the Commonwealth of Pennsylvania. The Vitamin World Creditor Seeks To Convert Ch. 11 To Ch. 7Law360 all 2 news articles raquo

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Facts of Law covering chapter 7 bankruptcy explained

Facts of Law - Bankruptcy Chapter 7