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Liquidation

Liquidation, in relation to bankruptcies, refers to the sale of a debtor's property. The financial proceeds of the liquidated property are then divided among the debtor's creditors in order to pay off their debts. Liquidations occur in chapter 7 bankruptcy filings, which remain the most common form of bankruptcy filing. Secured creditors get priority over the liquidated funds, while unsecured creditors such as credit card companies receive funds after the secured creditors have been paid. A debtor does not have to liquidate all of his or her assets; in a chapter 7 liquidation debtors are able to keep many exempt items that will not be a part of the liquidation. This allows debtors to have what they need in order to make a fresh start.

Fast Facts

  • 164,856 bankruptcy filings were made in 2005 in California.
  • In August 2009, 17% of total bankruptcy filings in New York were Chapter 13 filings.

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Search Results for "liquidation"

Articles

Results 1-5 of 333 for "liquidation"

  • How Liquidation Bankruptcy Works

    Because of the recent changes in the law many Americans mistakenly believe that they are no longer eligible to...
    • Site: lawfirms.com

  • Chapter 13 Bankruptcy Liquidation

    Bankruptcy liquidation can be a difficult thing to go through, especially if you don't understand your rights ...
    • Site: bankruptcylawfirms.com

  • Bankruptcy Liquidation

      Liquidation is defined as a detailed program of action formulated by a debtor or its creditors to govern th...
    • Site: bankruptcylawfirms.com

  • Chapter 11 Bankruptcy Liquidation

    Bankruptcy liquidation can result if you are filing certain types of bankruptcy and either the type you are fi...
    • Site: bankruptcylawfirms.com

  • Chapter 7 Bankruptcy Liquidation

    Filing for bankruptcy liquidation is a scary and expensive process.  You know going in that you are going to l...
    • Site: bankruptcylawfirms.com

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