What Is Chapter 7 Bankruptcy?

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Chapter 7 bankruptcy is a liquidation of a debtor's non-exempt property, and this involves the listing of assets and liabilities. Make a list of income and monthly expenditures with help from a certified family mediator in this free video on bankruptcy and Chapter 7 bankruptcy.

Part of the Video Series: Bankruptcy & Foreclosure
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Video Transcript

You may have recently hit hard times, and you're having trouble making debts, monthly debts on a monthly basis. In other words, you're running out of money before you're running out of month, and you're considering bankruptcy and you've heard chapter 7, chapter 11, so forth and so on. Hello, I'm Robert Todd, and I'm here to answer the question what is a chapter 7 bankruptcy? Well, the chapter 7 bankruptcy is a liquidation of the debtor's non-exempt property. In its simplest terms, basically you are filing bankruptcy and you are listing your assets and liabilities, and you are listing your income and monthly expenditures, and the bankruptcy court is determining what can be liquidated to pay off the debtors with a plan. Now, it's much more complicated than that, and if you are seriously considering bankruptcy we strongly urge you to seek the services of a lawyer that specializes in bankruptcy. It will save you time and money in the long run, as opposed to trying to do it yourself. I'm Robert Todd, and thank you for watching.

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