What is Bankruptcy Liquidation?
Bankruptcy liquidation, also known as Chapter 7 liquidation, involves the selling of assets as a means of paying a portion of outstanding debts owed to creditors. While filing for bankruptcy liquidation ultimately dismisses all debt, it is not unusual for creditors to be offered some type of percentage payment on the balances owed by the debtor. The process of liquidating assets to provide that percentage payment is normally overseen by the court of jurisdiction or a trustee or administrator appointed by the court. The purpose of the bankruptcy liquidation is to create the best possible solution for all parties concerned. By requiring the sale of certain assets in order to repay a portion of the outstanding indebtedness, the court of jurisdiction ensures that creditors do not experience a total loss due to the dismissal of the debt. At the same time, the debtor is freed from a debt load that he or she can no longer hope to pay off under any circumstances. Filing for bankruptcy liquidat
Overview: Bankruptcy liquidation also known as Chapter 7 Bankruptcy is a legal process where most if not all of your debt can be eliminated. It may take four up to six months and currently costs $299 to file. Bankruptcy liquidation can be used by individuals and businesses. However, it is not as simple as filing a petition and the court grants the request. In bankruptcy liquidation, the debtor has to give up certain properties to be sold or liquidated in order to pay off as much of the debt as possible. (Is this item miscategorized? Does it need more tags? Let us know.
