The trustee first asks some questions, usually about the debtor's bankruptcy forms; then any creditors of the debtor can ask the debtor specific questions. However, creditors generally cannot stop the bankruptcy process, so few creditors are actually present, especially in a Chapter 7 case. As ...
Chapter 7 bankruptcy is the debtor's (non-exempt) assets are sold to repay outstanding debts, with the remainder of the debt not needing to be repaid. Qualification for Chapter 7 bankruptcy is contingent on earning below a certain income threshold. Chapter 11 bankruptcy is where the debtor ...
There is not just one form of bankruptcy, but several, commonly referred to by the chapter number in theU.S. Bankruptcy Codewhere they are discussed. The most common forms of bankruptcy areChapter 7andChapter 13. The rules and procedures for Chapter 7 bankruptcy are outlined in Chapter 7 of...
Chapter 7bankruptcy is by far the most common type of bankruptcy case filed and also the easiest and fastest to complete. This is the proceeding most people think of as bankruptcy. In this type of action, the debtor is permitted to keep some assets termed "exempt" under the laws. Exempt ...