Rauser & Associates Legal Clinic LLP
Call Now For A Free Consultation! 888-843-5787

Becoming familiar with chapter 7 bankruptcy

Chapter 7 of the bankruptcy code allows individuals and businesses to resolve their debt issues. It is one of the most common bankruptcy laws currently used in the U.S. It is also perceived as the simplest form of bankruptcy available to individuals and corporations.

This chapter provides laws for liquidation i.e. sale of debtor's non-exempt property to pay off the creditors. Debtors may be able to get rid of their debt through the process of liquidation. However, when filing for bankruptcy, the debtor should ensure that they fulfill the eligibility criteria. Note that individuals who have been involved in dismissed bankruptcy cases in the last 180 days are not eligible for filing under Chapter 7. If the debtor fails to fulfill the eligibility requirements, a bankruptcy court may convert the case to a Chapter 13 bankruptcy.

The most crucial part of the filing process is to list all of your debts and assets along with recent financial history. Any non-dischargeable debt should also be listed. All creditors must be clearly listed alongside their accurate mailing address.

In a chapter 7 bankruptcy case, a specific amount of property may be exempt from liquidation; however, any or all remaining non-exempt property is liquidated by a trustee and the proceeds are passed on to the creditors. It is possible that all of the debtor's assets may be exempt from liquidation, in which case the trustee files a no-asset report with the court.

Even though the process of filing for bankruptcy under Chapter 7 seems simple, getting suitable help will guide you towards success. It is advised to seek consultation from an experienced attorney to help you decide whether you need legal representation or not.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact Us For Your Free Legal Evaluation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Rauser & Associates Legal Clinic LLP

Akron Office
1 Cascade Plaza
Suite 1410
Akron, OH 44308

Toll Free: 888-843-5787
Map & Directions

Canton Office
401 W. Tuscarawas
Suite 400
Canton, OH 44702

Toll Free: 888-843-5787
Map & Directions

Cleveland Office
614 West Superior Avenue
Suite 950
Cleveland, OH 44113

Toll Free: 888-843-5787
Map & Directions

Columbus Office
5 East Long Street
Suite 300
Columbus, OH 43215

Toll Free: 888-843-5787
Map & Directions

Elyria Office
347 Midway Mall Blvd
Suite 201
Elyria, OH 44035

Toll Free: 888-843-5787
Map & Directions

Toledo Office
316 North Michigan Street
Suite 420
Toledo, OH 43604

Toll Free: 888-843-5787
Map & Directions

Youngstown Office
26 Market Street
Suite 1001
Youngstown, OH 44503

Toll Free: 888-843-5787
Map & Directions