Racine bankruptcy offices


Chapter 7 Bankruptcy

Chapter 7 is a basic liquidation proceeding. It is sometimes called straight bankruptcy or ordinary bankruptcy. Virtually any kind of entity other than a government unit, a bank, insurance company or a railroad can use Chapter 7. A Chapter 7 proceeding is begun by the filing of a document called a bankruptcy petition, an Interim Trustee is appointed. The Trustee's job is to determine if there are any assets available for the benefits of the creditors that are not protected by the exemption law. An exemption is a privilege provided for by law which allows a debtor to keep certain property. Exemptions were created in order to provide debtors with the basic essentials needed to help them with their fresh start.

Chapter 7 offers several benefits to a debtor who is an individual. It allows an individual the means to a discharge or eliminate all of their unpaid debts, unless statutory grounds exist denying the debtor that discharge. While the scope of a Chapter 7 is not unlimited, it is usually broad enough to give an individual debtor the opportunity to get back on his or her feet.

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Bankruptcy Law Offices of Richard A. Check S.C.

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