Chapter 7 Bankruptcy – Timothy J. Larsen Bankruptcy Law Blog on …
Under the Federal Bankruptcy Code, there are several types of bankruptcy. The most common form of bankruptcy is Chapter 7 bankruptcy, which is generally the simplest and quickest form of bankruptcy. Chapter 7 bankruptcy is available to individuals, married couples, corporations, and partnerships.
Chapter 7 bankruptcy is often the choice for personal bankruptcy. It cancels debts and is also called liquidation bankruptcy or straight bankruptcy. Under Chapter 7 bankruptcy, a trustee appointed by the bankruptcy court may sell off or liquidate some of the property or assets of a debtor for the benefit of creditors.
Most Chapter 7 in Salt Lake City entails no-asset cases in which the filing party has no non-exempt property for the trustee to sell. There are strict income requirements to be eligible to file for Chapter 7 bankruptcy in Salt Lake City
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