Chapter 7 Bankrutpcy
Richmond, Virginia. The following is a chronology of events in a Chapter 7 bankruptcy case of a Debtor without assets to be administered by a trustee. This is also referred to as a non-asset case. 1. Debtor works with their attorney to complete their petition, schedules, lists, and other required Read more
Richmond, Va. Upon filing for Chapter 7 bankruptcy, an interim trustee is appointed to review your case. The trustee is a bankruptcy attorney that has been appointed to the panel of trustees to review bankruptcy cases. They owe a fiduciary duties to the creditors of your bankruptcy estate. In order Read more
Richmond, Virginia. When a chapter 7 petition is filed, the U.S. trustee appoints an impartial case trustee to administer the case and liquidate the debtor’s nonexempt assets. If all the debtor’s assets are exempt or subject to valid liens, the trustee will normally file a “no asset” report with the Read more
Richmond, Virginia. The primary reason to file a Chapter 7 bankruptcy is to receive the discharge. A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor. Generally, excluding cases that are dismissed or converted, Read more
Richmond, Virginia. Filing a petition under chapter 7 of the bankruptcy code “automatically stays” (stops) most collection actions against the debtor or the debtor’s property. Filing the petition does not stay certain types of actions listed under 11 U.S.C. § 362(b), and the stay may be effective only for a Read more