Individual Chapter 7 Bankruptcy Resource Kit

Summary

This resource kit provides an overview of important topics for attorneys representing a party in an individual's Chapter 7 bankruptcy case. Chapter 7 of the Bankruptcy Code governs both individual and corporate liquidations. A liquidation is the process by which a debtor's nonexempt property is collected and distributed among creditors. In a Chapter 7 case, a trustee takes control of the debtor's assets, sells them, and distributes the sale proceeds to creditors according to the Bankruptcy Code's distribution scheme. Chapter 7 affords an individual debtor a fresh start following financial misfortune; an individual debtor can receive a discharge of his or her debts in a Chapter 7 case. 11 U.S.C. § 727(a)(1); Fed. R. Bankr. P. 4004(c)(1)(A). This resource kit includes Practical Guidance for counsel to a party in a Chapter 7 bankruptcy case, including detailed practice notes, templates, and checklists.