Bankruptcy

"Straight" Bankruptcy: Chapter 7

There are several types of bankruptcy, each provided in a separate chapter of the Bankruptcy Code, a federal statute. Proceedings under Chapter 7 (straight bankruptcy) involve surrendering most of the borrower's nonexempt assets. A bankruptcy trustee is appointed in every Chapter 7 case to administer the nonexempt assets (if any) and distribute either the assets themselves or the proceeds from selling (liquidating) them among the creditors.

Click on the links below for more information on this particular subject area. Main subject areas for the "Bankruptcy" section are linked at the bottom of these pages.

What does Chapter 7 bankruptcy involve?

Am I eligible to file for bankruptcy under Chapter 7?

How does the means test work?

What steps do I need to take before filing for bankruptcy?

How does a Chapter 7 bankruptcy case begin?

What do I have to tell about my finances?

Will I lose some of my assets if I file for Chapter 7?

What are exempt assets?

What are nonexempt assets?

May I use Chapter 7 bankruptcy to get rid of all my debts?


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