Define Chapter 7 Bankruptcy?

Answer Chapter 7 bankruptcy, also known as straight bankruptcy, is a provision for debtors to partially pay off creditors by liquidating assets. Under Chapter 7, a debtor is required to turn over all non-... Read More »

Top Q&A For: Define Chapter 7 Bankruptcy

How to Define "Chapter 11 Bankruptcy Protection"?

Chapter 11 bankruptcy protection is the term commonly used for reorganizations under Chapter 11 of the United States Bankruptcy Code. Businesses and individuals may file Chapter 11 bankruptcy, alth... Read More »

How soon after filing a chapter 7 bankruptcy can you file a chapter 13 bankruptcy?

The U.S. Bankruptcy Code allows debtors to file for bankruptcy multiple times, but has changed the number of years you must wait between filings. Previously, a debtor could file under either Chapt... Read More »

Can you file Chapter 7 bankruptcy after filing a Chapter 13 six months ago that was dismissed?

You can file bankruptcy at any time, even if you filed six months ago, according to Bankruptcy Law Network. If the courts discharge your debt, however, you must wait four years between a Chapter 7 ... Read More »

Can a person file Chapter 13 while in a Chapter 7 bankruptcy term?

You cannot file Chapter 13 while in a Chapter 7 bankruptcy term. Chapter 7 is known as "straight bankruptcy" and it gets rid of outstanding debts. However, if you file Chapter 13 bankruptcy, you ha... Read More »