¿Qué es el Capítulo 7?
Bankruptcy is a serious business, so you need to understand it clearly. Chapter 7 of Title 11 in the U.S. bankruptcy code controls the process of asset liquidation. A bankruptcy trustee is designated to liquidate nonexempt assets to pay creditors; after the proceeds are worn out, the remaining debt is cleared. There are qualification requirements to declare Chapter 7, such as the borrower has to have had no Chapter 7 bankruptcy discharged in the previous eight years and the applicant must pass a means test. This process is also referred to as "straight" or "liquidation" bankruptcy.
El Capítulo 7 de la Ley de Quiebras
In Chapter 7 bankruptcy, the absolute priority rule specifies the order in which debts are to be paid. Under this rule unsecured debt is divided into classes or categories, with each class receiving priority for payment. Secured debt is debt backed or secured by collateral to lower the risk associated with lending, such as a mortgage.
Las deudas prioritarias no garantizadas se pagan primero. Ejemplos de deudas prioritarias no garantizadas son las deudas tributarias, la manutención de los hijos y las reclamaciones por daños personales contra el prestatario. Las deudas garantizadas se pagan después. En último lugar se pagan las deudas no prioritarias y no garantizadas con los fondos sobrantes de la liquidación de activos. Si no hay fondos suficientes para pagar las deudas no garantizadas no prioritarias, las deudas se pagan a prorrata.
For More Information About Ch. 7 Bankruptcy in Newport Beach, California, Contact Thomas K. McKnight LLP At (800) 466 - 7507 or Visit Our Website at TKMLLP.Com for a Free Consultation!
