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Learn about the eligibility, process, and alternatives of filing for chapter 7 bankruptcy, which involves the sale of nonexempt property and the distribution of proceeds to creditors. Find out who can qualify for relief under chapter 7, what debts are not discharged, and what documents are required.
Learn about federal bankruptcy laws and the bankruptcy process from this official website. Find basic information on different chapters, forms, terms, and resources for debtors, creditors, and the public.
The Bankruptcy Code and Bankruptcy Rules (and local rules) set forth the formal legal procedures for dealing with the debt problems of individuals and businesses. There is a bankruptcy court for each judicial district in the country.
Learn how chapter 13 bankruptcy can help individuals with regular income repay their debts and keep their property. Find out the eligibility requirements, advantages, disadvantages, and steps of a chapter 13 proceeding.
Learn what a Chapter 7 bankruptcy is, how it works, and what are the benefits and risks. Find out how to file a Chapter 7 petition, what property is exempt, and what debts are dischargeable.
A debtor in a case under chapter 11 has a one-time absolute right to convert the chapter 11 case to a case under chapter 7 unless: (1) the debtor is not a debtor in possession; (2) the case originally was commenced as an involuntary case under chapter 11; or (3) the case was converted to a case under chapter 11 other than at the debtor's ...
Learn about the different types of bankruptcy, such as Chapter 7, 13, 9, 11, 12, and 15, and how to file them in federal courts. Find out how to get legal help, forms, and information on bankruptcy laws and consequences.
Pending Rules and Forms Amendments; Official Bankruptcy Forms; Local Bankruptcy Forms; Fee Schedule; Filing Requirements and Time Limits; Additional Forms, Filings and Fees Information; Rules and Administrative Orders. ... Chapter 7 Bankruptcy - Non-Individual: Step by Step ...
A Chapter 7 bankruptcy, often referred to as "liquidation", contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors.
This document contains the latest amendments to the rules of bankruptcy procedure, as promulgated by the Supreme Court and Congress. It also includes notes explaining the purpose and intent of the amendments, and the authority for the rules.