Chapter
7 bankruptcy, sometimes call a
straight bankruptcy is a liquidation
proceeding. The debtor turns over
all non-exempt property to the
bankruptcy trustee who then converts
it to cash for distribution to the
creditors. The debtor receives a
discharge of all dischargeable debts
usually within four months. In the
vast majority of cases the debtor
has no assets that he would lose so
Chapter 7 will give that person a
relatively quick "fresh start".
For more information
about Chapter 7 Bankruptcy, please see our
faq.
