Bradley’s Bankruptcy Basics: Chapter 7 Bankruptcy — Liquidation
By EsqSocial Corporation 25/02/21
Chapter 7 bankruptcy cases are straight liquidations sought by debtors who wish to have most or all of their debts discharged. In Chapter 7 cases, the Chapter 7 trustee obtains control over the debtor’s assets and evaluates whether any equity exists that would offset the costs of selling those assets. If the bankruptcy estate will likely profit from selling the debtor’s assets, the Chapter 7 trustee will liquidate the assets and distribute the proceeds to creditors. This is called an “asset...
By: Bradley Arant Boult Cummings LLP