Chapter 7, known as “straight” or “liquidation” bankruptcy, of Title 11 in the U.S. bankruptcy code controls the process of asset liquidation.

Typically, Chapter 13 bankruptcies are easier to get as you’ll need to pass a means test to qualify for Chapter 7 bankruptcy, which is more about asset liquidation than debt reorganization.

The Bankruptcy Code provides that a debtor may voluntarily convert its case from Chapter 11 to Chapter 7 unless a Chapter 11 trustee has ...

Chapter 7 doesn’t usually provide a discharge for IRS tax debt, student loans or child support arrears. You can lose assets. This may include cash or even your home, in some cases.

Chapter 7 bankruptcy erases most unsecured debts, that is, debts without collateral, like medical bills, credit card debt and personal loans. However, some forms of debt, such as back taxes, court ...

A Chapter 7 bankruptcy is a liquidation bankruptcy, meaning aside from certain protected assets — your home and your retirement accounts, for example — you may have to sell tangible property ...

Cons of a Chapter 7 or Chapter 13 bankruptcy. Expect your credit score to be throttled. Chances are, if you're headed for a bankruptcy, your score may not be in the best shape to begin with.

Here's how Chapter 7 and Chapter 13 bankruptcy differ. Choosing to file for bankruptcy is a big decision, but it’s the first of many that filers will encounter as they go through the process.

There are two main types of business bankruptcies in the U.S.: Chapter 7, or “liquidation bankruptcy,” and Chapter 11, or “rehabilitation bankruptcy.” ...

The Meadows Country Club filed for Chapter 7 bankruptcy July 7, capping a backslide that’s led to closure of golf courses and ...

Chapter 7 bankruptcy typically wipes out debts faster, but may require liquidating assets. Chapter 13 involves a repayment plan and more property protection.