Chapter 7 Liquidation
Bankruptcy Liquidation is defined as a detailed program of action formulated by a debtor or its creditors to govern the debtor’s rehabilitation, continued operation or liquidation, and payment of debts. The bankruptcy court and creditors must approve the plan before it is implemented.
Chapter 7 Bankruptcy is the most common form filed by most debtors under the Bankruptcy code of liquidation. When filing for Chapter 7 Bankruptcy, the trustee collects and liquidates the debtor’s nonexempt property for the creditors, whether it being voluntary or involuntary. A husband and wife can join in one joint petition. An individual that files for bankruptcy liquidation usually gets a fresh financial start by receiving a debt discharge.
A Chapter 7 bankruptcy liquidation case may be started by a voluntary or involuntary petition, and involves three major participants: the debtor, the trustee, and the creditors.
The trustee’s job is to take possession of and to liquidate the debtor’s nonexempt assets. The proceeds are then distributed by the trustee to the creditors according to legal priority. The relative priorities under the Chapter 7 bankruptcy liquidation process is considered fair by most creditors. Another primary purpose of Chapter 7 bankruptcy liquidation from the debtor’s standpoint is to obtain a discharge of debts, thereby giving an individual debtor a “fresh start.”.
Chapter 7 bankruptcy liquidation is only given to individuals, and not corporations. Also, the right of an individual to a discharge is not absolute, as grounds may exist to oppose a discharge . Generally, if a debtor is honest and follows the rules of the Bankruptcy Code and the court, the debtor will obtain a discharge, which releases the debtor from personal liability on most of the debts owed at the time of filing the petition.
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