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Execution

In a chapter 7 liquidation bankruptcy filing, the term execution refers to the physical act of taking possession of a property by an officer of the court. An officer of the court takes possession of the debtor's property in an execution on behalf of a judgment creditor, and the property is then sold and the proceeds from the sale of the property are used to pay the creditor. Execution begins the formal process of liquidation in a chapter 7 bankruptcy case. Once a debtor loses his case, the execution will be carried out and the non exempt property in the debtor's bankruptcy estate will be liquidated. Often, a chapter 7 bankruptcy case will produce no non exempt items. This is referred to as a no asset case. In this instance, there are no items to liquidate, thus no execution would be order and carried out by the court.

Fast Facts

  • In 2005, Ohio's bankruptcy filings rose 51.7%.
  • 827,000 people filed for bankruptcy in 2007.

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