What Is A Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a liquidation proceeding in which the debtor’s non-exempt assets, if any, are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities established in the Code. Generally, for the average consumer, the trustee does not sell of any of the debtors assets because most of covered by an exemption.
To be eligible to file Chapter 7, the debtor must pass the means test instituted by the 2005 amendments to the bankruptcy code. In order to determine whether you qualify, contact the attorneys at the Law Offices of Alon Darvish.
In most consumer cases, all the assets are exempt, and therefore there are no assets to liquidate. Chapter 7 is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships.
Bankruptcy Attorney in Los Angeles
Conact the Law Offices of Alon Darvish if you are considering filing Chapter 7 bankruptcy and need skilled legal counsel.
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