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These duties include establishing a panel of private trustees to serve as trustees in chapter 7 cases and supervising the administration of cases and trustees in cases under chapters 7, 11, 12, and 13 of the Bankruptcy Code.
Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation. Municipalities—cities, towns, villages, taxing districts, municipal utilities, and school districts may file under Chapter 9 to reorganize.
Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes. Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues.
Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy law.
Chapter 7 is used by individuals to free themselves of debt and is used by businesses to liquidate and terminate their business. One of the primary purposes of straight bankruptcy is to discharge certain debts to give the debtor a “fresh start”.
Chapter 7 is the chapter of the Bankruptcy Code which provides for liquidation of the debtor’s assets, which is the sale of the debtor’s non-exempt property and the distribution of the proceeds to creditors.
This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
Amendments to the Bankruptcy Code enacted in to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 require the application of a "means test" to determine whether individual consumer debtors qualify for relief under chapter 7.
Chapter 7 Filing Requirements. Often called the 'liquidation chapter,' Chapter 7 is used by individuals, partnerships, or corporations who have no hope for repairing their financial situation. In Chapter 7, the debtor's estate is liquidated under the rules of the Bankruptcy Code.
eSR is an online tool to help individuals complete a Chapter 7 or Chapter 13 bankruptcy petition when they have decided to file bankruptcy without an attorney. eSR is not available to attorneys or bankruptcy petition preparers and is not designed for business or corporate bankruptcy filings.