Chapter 7 Bankruptcy (Liquidation Bankruptcy)

Chapter 7 Bankruptcy (Liquidation Bankruptcy) from Marco Wimmer, PLLC

By: Marco Wimmer, PLLC  04/20/2016
Keywords: Bankruptcy, Bankruptcy Lawyer, Bankruptcy Attorneys

Chapter 7 is typically called the “Liquidation Bankruptcy” because in it the Bankruptcy Trustee takes all of the debtor’s nonexempt assets and ‘liquidates’ them – i.e. sells them for the benefit of the creditors. Marco | Wimmer PLLC offer their legal services to help you with Chapter 7 Bankruptcy, liquidation bankruptcy. It’s important to know that the trustee does not take all of your ‘stuff’ in chapter 7. The key word is ‘non-exempt’ assets – essentially everything the Arizona legislature has deemed not absolutely necessary in order to lead a productive live. Arizona has pretty generous exemptions, and most of my clients find that they do not own anything that is ‘not exempt’ – therefore, the trustee does not take anything from them. Chapter 7 bankruptcy is a quick process of about 4 – 6 months in a typical case, and at the end all of your dischargeable debt is discharged, and the creditor can never ask you to pay them again. However, Chapter 7 is not for everyone. If you have the ability to pay back some of your debts, the law may find that you do not qualify for Chapter 7 relief. Visit our webpage to learn more about the process of Chapter 7 relief: To qualify for a Chapter 7 Bankruptcy relief, you need a knowledgeable bankruptcy attorney to walk you through the process. Contact the attorneys at Marco | Wimmer PLLC in Mesa, Arizona to assist you through this process. Marco | Wimmer PLLC 123 North Centennial Way, Suite 110 Mesa, AZ 85201 Office: 480-275-4894 Email: [email protected] Website:

Keywords: Bankruptcy, Bankruptcy Attorneys, bankruptcy law, Bankruptcy Lawyer

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