September 20, 2006 9:54 PM
What Is Chapter 7 Bankruptcy?
Before you file for bankruptcy, you should decide which type (or chapter) is the right one for you. Here is a brief description of each of the different types of bankruptcies:
Chapter 7 - Liquidations
• The purpose of a chapter 7 is to allow a person to obtain a fresh start, free from creditors and free from the pressures of over-whelming debt. Under this chapter, a trustee takes possession of your non-exempt property and assets; converts them to cash and distributes the funds to creditors. After filing for relief under chapter 7, an individual debtor may receive a discharge.
• A discharge permanently prohibits creditors from attempting to collect those debts listed in a bankruptcy. However, some debts are non-dischargeable. They include certain taxes, student loans, alimony and child support to name a few.
• A business that files a chapter 7 bankruptcy will not receive a discharge.
• If you receive a discharge under a chapter 7, you may not receive another discharge under this type of bankruptcy for the next 6 years.
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