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Bankruptcy Law

  Overview   Chapter 7   Chapter 11   Chapter 12   Chapter 13  

Chapter 7 is the provision most commonly used by individuals. In a Chapter 7 Bankruptcy , a trustee is appointed by the court, the current assets are counted up by the trustee who pays debts to the extent possible with priority for taxes, then secured debts, and finally unsecured debts. Then the court officially declares the debtor bankrupt and discharges the un-payable debts, to the loss of the creditors. Exempt from sale to pay debts are a portion of the value of a home, secured notes that can be kept current, an automobile, tools of the trade, furniture, and some other items. The concept is to give someone a fresh start, but it has often led to careless, profligate business operations and casual running up bills with those giving credit being badly hurt by bankruptcies. Not dischargeable in bankruptcy are alimony and child support, taxes, and fraudulent transactions. Filing a bankruptcy petition automatically suspends all existing legal actions, and is often used to forestall foreclosure or imposition of judgment. After 45 or more days a creditor with a debt secured by real or personal property can petition the court to have the "automatic stay" of legal rights removed and a foreclosure to proceed. Upon official declaration of bankruptcy a party cannot file for bankruptcy again for seven years.

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