Chapter 7 Bankruptcy
Chapter 7 bankruptcy is an ideal solution, for the right person. The goal in a Chapter 7 bankruptcy is to discharge all debts and keep all of the property you wish to keep.
There are several Chapter 7 trustees, one of which is assigned to the case at random upon the filing of the bankruptcy petition. The Trustee is in charge of administering the bankruptcy estate. He or she reviews the case to determine if there are any assets that can be sold at auction or "bought back" by you. The funds received are then distributed to your creditors. If, after reviewing the case, the Trustee determines that there are no assets to distribute, a Report of No Distribution is filed, a discharge is issued and the case is closed. A Chapter 7 bankruptcy is not the right choice for everyone.
Our office offers free consultations to help you determine if Chapter 7 is the right way to go.