Chapter 7 Bankruptcy
The most common for of bankruptcy, Chapter 7 is also referred to as “Liquidation” or “Straight” bankruptcy cases.
This form of bankruptcy is mediated by the US federal bankruptcy court and the aim is to settle a debtors dues by appraising the net value of their estate (cash, property, assets, etc.) and in many cases, liquidating the properties to be distributed to the creditors.
Once the process has begun, the debtors estate is basically in the hands of the courts. This means that no property of the estate can hence forth be sold, traded, or given away by the debtor. Instead, during the process the court will assign a “bankruptcy trustee” who is in charge of acquiring the most property possible in which to repay the debt. Once acquired, the property is either distributed to the creditors as is or liquidated for its value first.
In total, this process can take up to six months and cost about $300 in court fees.
For the best possible outcome in a Chapter 7 Bankruptcy suit, you should work with the best attorneys that White Plains, New York has to offer.