Chapter 7

(redirected from Chapter 7 Bankruptcy)
Also found in: Dictionary, Financial.

Chapter 7

(US) the statute regarding liquidation proceedings that empowers a court to appoint a trustee to operate a failing business to prevent further loss.
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In particular, a hardship discharge does not relieve the debtor from any unpaid debts that are not dischargeable in a Chapter 7 bankruptcy. (43) As also discussed below, this can result in freeing a debtor who completes a Chapter 13 plan from unpaid taxes reported on a late return filed within two years of filing the Chapter 13 petition, while a debtor who receives a hardship discharge would continue to owe those taxes.
Are you thinking about doing a chapter 7 bankruptcy? The new contact form allows you to get in touch with Attorney Allan R Bloomfield from the Allan Bloomfield Law Firm quickly and easily.
A Chapter 7 bankruptcy is a liquidation of non-exempt assets, says William E.
Chapter 7 bankruptcy forgives all unsecured debts, and requires the forfeiture of all assets over certain minimum protected amounts.
Debtors are still allowed to use asset protection trusts to shelter large amounts of wealth in Chapter 7 bankruptcy. (A bill recently introduced in Congress to limit the use of asset protection trusts in bankruptcy is titled the "Billionaire's Loophole Elimination Act.") In about 20 states, married debtors can still shelter the entire value of their homes, as long as they own the homes in "tenancy by the entirety" and only one spouse files for bankruptcy.
Willis, who had filed for Chapter 7 bankruptcy protection in 2005, had asked the judge in the bankruptcy case to move her claim to a Chapter 11, so she wouldn't have to liquidate her assets.
1398 provisions, if a debtor files a Chapter 7 bankruptcy and an appointed trustee sells the debtor's rental property, that property sale is not reported on the debtor's 1040.
In a Chapter 7 bankruptcy, individuals' or businesses' debts are abolished, but their nonexempt assets are liquidated.
Although Stadler involved a Chapter 7 bankruptcy and Mourad Chapter 11, the result was the same.
Chapter 7 bankruptcy proceedings are the most alarming to businesses because these proceedings result in the complete discharge of valid obligations.
It is unlikely, the court stated, that he would have been able to convert to a Chapter 7 bankruptcy and completely discharge all of his debts if his creditors, the bankruptcy trustee or court had known of his lawsuit claiming substantial monetary damages.
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