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CHAPTER 7 LIQUIDATION
The
potential chapter 7 debtor should understand that a straight bankruptcy
case does not involve the filing of a plan of repayment as in Chapter
13. In most cases the debtor may keep their home, furniture and
vehicle.
Eligibility
to qualify for relief under Chapter 7:
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The debtor must be
an individual, partnership or corporation.
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Relief is available
under Chapter 7 irrespective of the amount of the debtor's debts,
whether the debtor is solvent or insolvent.
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An
individual can't file under Chapter 7 petition or any other chapter,
however, if during the preceding 180 days a prior bankruptcy
petition was dismissed due to the debtor's willful failure to appear
before the court or comply with orders of the court.
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The
debtor voluntarily dismissed the previous case after creditors
sought relief from the bankruptcy court to recover property upon
which they hold liens.
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