- Instructor: Attorney Bob Schaller
- Lectures: 2
Chapter 7 of the Bankruptcy Code
Bankruptcy Code Chapter 7 is different than Code chapters 1, 3 & 5. Think of Chapters 1, 3 and 5 as the internal gears that make the bankruptcy machine operate efficiently – the nuts and bolts of the bankruptcy process if you will. In contrast Chapter 7 is a remedy chapter.
The remedy provided in Chapter 7 is, of course, the discharge of all dischargeable debts. See 11 U.S.C. § 727. Chapter 7 discharges certain debts in return for the liquidation of the debtor’s non-exempt and partially exempt assets. Chapter 7 consists of sections 701 thru 784. Not all sections of Chapter 7 will be addressed. Instead, concentration is placed on those sections of Chapter 7 that relate most directly to an individual Chapter 7 bankruptcy case.