Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common form of bankruptcy. It is a liquidation proceeding in which the debtor’s non-exempt assets, if any, are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities among creditors established in the Code.

Chapter 7 bankruptcy is available to individuals, married couples, corporations and partnerships. Individual debtors get a discharge within 4-6 months of filing the case.
If there are assets which are not exempt, the trustee takes control of those assets, sells them and pays creditors as much as the proceeds permit.
Any wages the debtor earns after the case is begun are the debtor’s; the creditors have no claim on those earnings.

Call the Ridings Law Firm for an experienced Chapter 7 Bankruptcy Attorney in St. Louis, MO!