Chapter 7 Bankruptcy Law

Chapter 7 bankruptcy law Under the Bankruptcy Code

Chapter 7 of the United States Bankruptcy Code is the Bankruptcy Code’s “liquidation” chapter. A chapter 7 lawyer, sometimes part of a chapter seven guild, refer to it as a “straight bankruptcy.” It is used primarily by individuals who file for bankruptcy and wish to free themselves of debt.

Under Chapter 7 bankruptcy rules – A chapter 7 trustee is appointed to take over your property. Any property of value will be sold or turned into money to pay your creditors. You may be able to keep some personal items and possibly real estate depending on the law of the State where you live and applicable federal laws.

Special Considerations for Chapter 7 Bankruptcy:

• Re-Establishing Credit
• Is Chapter 7 Right for You?
• Real Estate Exemptions
• Statutory Limits

Anyone considering filing chapter 7 bankruptcy should first consult with a bankruptcy lawyer to find out what options are available.

• If you need help with a Bankruptcy Filing, click here for a Free Case Review from a Bankruptcy Lawyer near you. This website is for informational purposes only and nothing stated here should be taken as legal advice.

Bankruptcy Law Is A Federal Law. This Sheet Gives You Some General Information About What Happens In A Chapter 7 Bankruptcy Case. The Information Here Is Not Complete. You May Need Legal Advice.

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