Chapter 7 Bankruptcy - Personal or Business Liquidation

Sacramento Bankruptcy Lawyer, Sacramento Bankruptcy Attorney

Chapter 7 bankruptcy is the liquidation chapter of the Bankruptcy Code. Chapter 7 cases are commonly referred to as "straight bankruptcy" or "liquidation" cases, and may be filed by an individual, corporation, or a partnership. Under chapter 7, a trustee is appointed to collect and sell all property that is not exempt and to use any proceeds to pay creditors. In the case of an individual, the debtor is allowed to claim certain property exempt. In exchange for this, the debtor gets a discharge, which means that the debtor does not have to pay certain types of debts. Corporations and partnerships do not receive discharges. Consequently, any individuals legally liable for the partnership's or corporation's debts will remain liable. Therefore, individual bankruptcies may be required as well as the corporation or partnership bankruptcy.

If you are in need of expert legal counsel, contact the bankruptcy lawyers at Brooks & Carpenter. We proudly serve Sacramento area and entire Northern California.

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If you are in need of expert legal counsel, contact the bankruptcy lawyers at Brooks & Carpenter. We proudly serve Northern California.

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