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What You Need to Know About

Chapter 7

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What You Need to Know About

Chapter 13

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CHAPTER 7 | What You Need to Know

Chapter 7: A simple overview

Chapter 7, entitled Liquidation, is an orderly, court-supervised procedure in which a trustee collects the assets of a debtor’s estate, liquidates them into cash and distributes the funds to creditors.

Oftentimes, there is little to no nonexempt property, so there may not be an actual liquidation of the debtor’s assets. Debtors receive a discharge that releases the debtor from personal liability for certain debts normally received just a few short months after the petition is filed.

Eligibility

When filing for chapter 7, the debtor must be an individual, corporation or a partnership. A debtor may not file under chapter 7 if in the 180 days prior to the filing a prior bankruptcy petition was dismissed due to the debtors inability to appear in court.

Trustee

A trustee is named to distribute the liquidated funds from the debtor. This impartial trustee is appointed by the court to monitor the case.

An experienced staff member at Georgia Bankruptcy Law firm Clark & Washington can help you decide the best filing. Call 770.488.9320 today for a no obligation appointment.

Chapter 13

$75

To Start - Total filing fee is $310 and must be paid within 60 days.

Chapter 7

$335

Filing Fee to Start. Installment Plans Available

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