What assets are sold during Chapter 7 bankruptcy?

Answer Chapter 7 bankruptcy requires that all assets be sold to generate cash for creditors. However, a quirk of the federal bankruptcy law gives individual states permission to establish "exemptions" all... Read More »

Top Q&A For: What assets are sold during Chapter 7 bankruptcy

What Assets Can I Keep in Chapter 7 Bankruptcy in Oregon?

Chapter 7 bankruptcy allows debtors to give up non-exempt assets to pay down debt in exchange for the court discharging remaining debts. The federal government sets asset exemption amounts for many... 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 »