The part of the U.S. Bankruptcy Code describing the liquidation of a company after bankruptcy.
Liquidation of the assets of the debtor, for the protection of creditors.
Total liquidation of all assets.
Bankruptcy filing which gives a trustee the power to distribute a debtor's assets to creditors.
Sometimes referred to as straight bankruptcy, this filing usually leads to liquidation of a company. A company in Chapter 7 proceedings is able to continue to operate under the direction of a court trustee until the matter is settled. If the company can resolve its problems and settle with creditors in the interim, it may not have to be liquidated.
Bankruptcies filed under Chapter 7 of the Bankruptcy Code in which property of value is sold or liquidated by a court-appointed trustee to pay your creditors. Some personal items and real estate may be kept. Debt is discharged. In many cases, there are not enough items of value to be sold.
Short-Term Financial Assets
Straight bankruptcy. The debtorâ€(tm)s non-exempt assets are collected and distributed on a percentage basis to creditors listed in the debtorâ€(tm)s petition, according to specific priorities determined by bankruptcy court.
A form of bankruptcy that allows a trustee the power to distribute debtor's assets to creditors.
the chapter of the Bankruptcy Code allowing a trustee to collect and liquidate a debtor's property, either voluntarily or by court order, to satisfy creditors.
The most common type of bankruptcy filed in the United States. It involves the liquidation of available assets in order to satisfy creditors.
Chapter 7 bankruptcy or "straight bankruptcy" is the most popular form of bankruptcy because it allows the debtor to start all over. Certain restrictions apply. This code is available to individuals, couples, corporations and partnerships. Discharge normally occurs within 4-6 months after filing. A Chapter 7 filing will remain on a credit report for 10 years.
Chapter 7 of the bankruptcy code relates to liquidation of a debtor's assets. In Chapter 7, a trustee is appointed to collect and sell your unprotected assets and give the money to your creditors. It is used most often by those with little in the line of assets.
Known as "straight bankruptcy" or liquidation bankruptcy. This form of bankruptcy is the most common form of personal bankruptcy. It eliminates most debt completely. If you have property that is not protected by state or federal exemptions, the Trustee will sell those assets and distribute the proceeds to your creditors in the order of priority of the debt (see priority).
The chapter of the Bankruptcy Code that allows for ‘liquidation’ of all assets of the individual or company to clear debts. It is also known as straight bankruptcy.
The operating chapter of the bankruptcy code under which a debtor loses all non-exempt property in exchange for bankruptcy protection.
Bankruptcy whereby all of the parties debts are eliminated by the court.
Juvenile Delinquency Proceedings
The chapter of the Bankruptcy Code that sets forth the provisions relating to liquidation of a debtor's assets. In a Chapter 7 filing, a trustee is appointed to collect and liquidate non-exempt assets and distribute the proceeds to creditors in accordance with set priorities.
In a Chapter 7 agreement, the court resolves most debts by selling assets and property so that the filer is given a fresh? financial start. The court takes all assets including cars, homes, furnishings, jewelry or anything else of value. The assets are sold to pay off the debt. There are some debts that a person may wish to repay on their own instead of having the court resolve it. This is called reaffirmation. Reaffirmation is a special payment plan with the court. For example, if a car loan is reaffirmed, the person keeps the car and makes payments under new terms. Chapter 7 bankruptcy will not eliminate debts due to taxes, child support, alimony, student loans, court fines or personal injury caused by driving drunk or under the influence of drugs. A Chapter 7 filing will remain on a credit report for 10 years.
The most common type of bankruptcy. Also called straight bankruptcy or liquidation bankruptcy. The new bankruptcy law attempts to make it harder to qualify for this type of bankruptcy. Although it is more difficult for some people to qualify for this chapter of bankruptcy now, the overwhelming majority of people who would have qualified for Chapter 7 under the old law still qualify under the new law.
Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".
A bankruptcy that provides for the liquidation of debts under a court-approved plan. To qualify, the debtor must in sell nonexempt property and give the proceeds to creditors.
this form of bankruptcy is sometimes referred to as "straight bankruptcy". It is the most common form of bankruptcy and is where the Chapter 7 Trustee will liquidate any assets that are not protected. This form of bankruptcy is available to individuals, married couples, sole proprietors, partnerships, and corporations.
That portion of the Federal Bankruptcy code that deals with business liquidations. Chapter 11 is that part of the Federal Bankruptcy code that deals with business reorganizations.
In a Chapter 7 proceeding, the debtor's business is liquidated and its assets are distributed to creditors with allowed proofs of claims.
A type of bankruptcy, which is a liquidation of debt.
A debtor (individual) is declared bankrupt and a court appointed trustee initiates a liquidation process and a discharge of all eligible debts. The debtor has no financial sources to attempt a reorganization. A separate taxable entity is created.
Straight Bankruptcy (total liquidation of assets)
Chapter 7 bankruptcy is a process provided for under United States federal law by which you are entitled to a fresh start. Chapter 7 may eliminate most kinds of unsecured debt. It is usually designed for someone with no assets.
One of the chapters in the federal Bankruptcy Code. Chapter 7 is liquidation bankruptcy in which a debtor's nonexempt assets are gathered together and given up or sold for the benefit of creditors in order of the creditors priority. The Texas homestead exemption exempts a homeowners residence.
The chapter of the Bankruptcy Code providing for "liquidation,"( i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.)
Debt liquidation of bankrupt individuals and businesses
This is a type of bankruptcy in which a debtors assets are liquidated to satisfy his credit obligations, which are removed at the completion of bankruptcy.
The most common form of bankruptcy, a Chapter 7 case, is a liquidation proceeding, available to individuals, married couples partnerships and corporations.
A "straight" or "liquidation" bankruptcy. It allows a person to discharge his/her debts through a liquidation of his/her assets. Some types of debts cannot be discharged through bankruptcy. These include alimony, child support, and certain taxes.
The part of the Bankruptcy Code that provides for liquidation of a company's assets.
The section of the U.S. Bankruptcy Code which describs the liquidation of a business after bankruptcy.
liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)
A liquidation bankruptcy for an individual, husband and wife, partnership or corporation; typically, nonexempt property is liquidated (sold) and the proceeds paid out to creditors on a pro-rata bases, and the debtor is discharged of liability for the debts. Certain categories of debtors are not entitled to a discharge, and certain categories of property are exempt (i.e., can not be taken from the debtor).
A type of bankruptcy filing which allows the debtor's assets to be distributed among the creditors. Also called a "liquidation."
A provision of bankruptcy laws wherein a company is require to liquidate its assets to pay of its creditors. See Bankruptcy.