See Also:
Bankruptcy Information
Chapter 12 Bankruptcy
Bankruptcy Code
Chapter 13 Bankruptcy
Bankruptcy Costs
Bankruptcy Courts
Chapter 11 Bankruptcy
What is Bankruptcy Chapter 7
Bankruptcy Chapter 7 is a type of bankruptcy proceeding outlined in the Bankruptcy Code. More specifically, Chapter 7 is a liquidation procedure.
When a financially distressed entity files for Chapter 7 bankruptcy, the entity ceases operations and a court-appointed trustee sells the entity’s assets. Use the proceeds from the sale to repay creditors. Then, repay creditors in order of seniority.
Chapter 7 bankruptcy is the most common type of bankruptcy. Furthermore, Chapter 7 bankruptcy is often filed for by individuals.
If you’re in a Chapter 7 bankruptcy, then it’s time to look at how you could have prevented it and how you can avoid it again. Click here download the Top 10 Destroyers of Value.
Access your Exit Strategy Execution Plan in SCFO Lab. This tool enables you to maximize potential value before you exit.
Click here to access your Execution Plan. Not a Lab Member?
Click here to learn more about SCFO Labs
