A type of consumer bankruptcy where your responsibility for your debts is cleared entirely. With this kind of bankruptcy you are not required to pay back debts you owe from before your filing. Chapter 7 bankruptcy filing records remain on your credit report for 10 years and the record of each account included in your filing will remain on your report for 7 years. This has been the most common type of filing but changes to bankruptcy law will make it more difficult to file for Chapter 7 bankruptcy in the future.
Bankruptcy where many or all of your debts are wiped out completely in exchange for giving up your nonexempt property.
The type of bankruptcy, in which many or all of the debts are wiped out completely in exchange for giving up nonexempt property.
Liquidation or straight bankruptcy that releases the debtor from liability for dischargeable debts. Under Chapter 7, federal educational loans are considered nondischargeable unless the debtor demonstrates undue hardship. Close
The type of bankruptcy where homeowners are required to liquidate nonessential items of property in exchange for the cancellation of debt.
A court petition that involves the total liquidation of the borrower’s unsecured debts.
Gets rid of all debts (except some taxes and maybe alimony payments)
A type of bankruptcy in which a person's assets are liquidated (collected and sold) and the proceeds are distributed to the creditors.
A Chapter 7 bankruptcy allows a company to liquidate its assets upon deciding that it is not capable of paying the debt it has accrued. Once the company's assets have been sold and the funds have been distributed to creditors, it is free from liability.
A type of bankruptcy where the filerâ€(tm)s assets are sold by a court appointee to pay all debts.
Chapter 7 is a straight liquidation bankruptcy where the debtor submits all of their non-exempt assets to the trustee for liquidation; proceeds are disbursed to creditors.
A court petition that requires that you liquidate your non-exempt assets, including your home in certain cases, in exchange for a discharge of most of your debts.
The most common form of consumer bankruptcy, Chapter 7 typically releases a debtor from all liability for the accounts included in a bankruptcy. In exchange, the debtor must forfeit some personal property. A Chapter 7 bankruptcy remains on the debtor's credit report for 10 years.
Straight bankruptcy- may be voluntary or involuntary. Liquidation of all non-exempt assets. Taxes in order of precedence - Federal Income Tax, Withholding tax, Employment tax, Excise tax, Customs and duty tax, Any pecuniary loss penalty on any of the foregoing.
The most known type is the one when all the debts are wiped out completely in exchange for giving up the nonexempt property. Basically it means having more debts then money to pay them
Chapter of the Bankruptcy Code that provides for court administered liquidation of the assets of a financially troubled individual or business.