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.
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.
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.