Chapter 7, otherwise known as “liquidation” or “straight bankruptcy” is generally the simplest and quickest form of bankruptcy. The benefits of a chapter 7 bankruptcy are available to individuals, married couples, corporations and partnerships. A trustee appointed by the court gathers and sells your nonexempt property and the proceeds from the sale pay your creditors. You’re able to keep any “exempt” property.
Most chapter 7 cases are “no-asset” cases, which means that you don’t have nonexempt property for the trustee to sell. When you file your petition for bankruptcy, you declare whether your case is “asset” or “no-asset” and burden is on the trustee to change the designation.
If creditors haven’t persisted in trying to get money from you and the trustee within 60 days of the 341 meeting, your debts that existed before the filing date will be “discharged” or canceled.
Shumway Van & Hansen has dedicated and knowledgeable bankruptcy attorneys and paralegals that primarily handle Chapter 7 and Chapter 13 bankruptcy cases in both Utah and Nevada. Our bankruptcy lawyers can give you the immediate debt protection you need right now in order to help you to move on to a more financially stable future. The right choice in a law firm today can make a major difference as you begin to build for a better tomorrow.