Chapter 7 Bankruptcy Attorney Seattle

Chapter 7 Background

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Law Offices of Mark McClure
1200 Westlake Ave N #1006, Seattle, WA 98109
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Chapter 7 Background

Unlike a case of chapter 13 bankruptcy, a chapter 7 bankruptcy doesn't involve a plan of repayment filing. Instead, the trustee of bankruptcy sells and gathers the debtor's assets that are nonexempt and uses the assets' proceeds to pay holders of claims to be accordant with the Code of Bankruptcy.

Part of the property of the debtor can be subject to mortgages and liens that have the property pledged to some other creditor. Also, the Code of Bankruptcy will let the debtor retain some properties that are exempt, but a trustee will have the assets liquidated that the debtor has remaining.

In conclusion, possible debtors should know that a petition filing under chapter 7 might end in loss of property.

Chapter 7 Eligibility Chapter 7 Eligibility
Any individual, partnership, corporation or other business entity is eligible whether solvent or insolvent
How Chapter 7 Works How a Chapter 7 Bankruptcy Works
A Chapter 7 is a liquidation of assets to pay debt. If you have no assets, then your debt is forgiven
Role of the Case Trustee Role of the Case Trustee
The role of a chapter 7 trustee is to liquidate nonexempt assets, or file a no asset report
Chapter 7 Discharge Chapter 7 Discharge
A discharge releases you from personal liability for most debts and prevents any collection actions

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1200 Westlake Ave N #1006, Seattle, WA 98109 ★ Phone: (206) 789-8751
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