Bankruptcy Court District State United Washington Western
There are basically two categories of bankruptcy: liquidation and reorganization. The categories are further divided into Chapters. Each Chapter has its own set of qualification rules and regulations.
Chapter 7
Chapter 7 (Liquidation) of the Bankruptcy Code allows liquidation or sale of non-exempt property. All property not protected by the Bankruptcy Code can be sold with the money from the sale used to pay debts. Individuals filing Chapter 7 can keep certain protected property such as one vehicle for each licensed driver, a boat, family home, furniture, clothing, family pets, furs, jewelry, electronic equipment, books, art, collectibles, firearms, hobby equipment, and insurance policies.
There is a maximum dollar value the debtor can keep in property. If any property exceeds that amount then the bankruptcy trustee can seize and sell the property to pay outstanding debts. Once Chapter 7 is filed and discharged, the debtor will not have to pay any of the creditors listed in the bankruptcy so there are no payment plans. A liquidation bankruptcy is designed to provide the debtor with a fresh start. Debts with liens are not discharged and payments are still the responsibility of the debtor.
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