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CHAPTER 7 PETITION PACKAGE

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  • What do you have to give up in Chapter 7?

    Most Chapter 7 bankruptcy cases are no-asset cases.
    That means the debtors give up nothing to the trustee.
    The exemption systems permit debtors to retain the means of day-to-day living, free from the claims of their creditors.

  • What happens when a company files Chapter 7?

    Business Entities
    Businesses generally file for chapter 7 liquidation when there is no possibility of achieving profitability under a chapter 11 reorganization.
    A chapter 7 bankruptcy terminates the company's operations and takes the company completely out of business.

  • How long does it take to process a Chapter 7?

    Chapter 7 bankruptcy generally takes between four and six months to complete, but there are some scenarios that may make the process longer: More information is needed.

  • Voluntary bankruptcy is a type of bankruptcy where an insolvent debtor brings the petition to a court to declare bankruptcy because they are unable to pay off their debts.
    Both individuals and businesses are able to use this approach.

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CHAPTER 7 PETITION PACKAGE