A Chapter 7 bankruptcy is a liquidation of assets under federal bankruptcy law. Financially troubled businesses cease operations once a Chapter 7 bankruptcy is filed, unless continued by the Chapter 7 trustees. A Chapter 7 trustee typically sells the assets and distributes the sales proceeds to creditors.

Individuals can also pursue a Chapter 7 bankruptcy under federal law. The debtor is allowed to keep certain exempt property, although liens on that property typically continue. Other assets are sold by the Chapter 7 trustee to repay creditors.

If you need a Chapter 7 bankruptcy lawyer, contact Dickinson Wright. Attorneys in our Bankruptcy Practice Group have been recognized as some of the best in the country by Chambers & Partners, Super Lawyers and Best Lawyers. Our Chapter 7 bankruptcy lawyers have provided a range of bankruptcy services, including Chapter 7 and Chapter 11 bankruptcies, debt restructurings and liquidations, loan collections, foreclosures, and repossessions. We have represented clients such as JP Morgan Chase Bank, Borders, and Chrysler.

Contact one of our Chapter 7 bankruptcy lawyers to learn about restructuring your assets and liabilities in a Chapter 7 bankruptcy.

Michael C. Hammer
734-623-1696
301 E. Liberty Street, Suite 500
Ann Arbor, MI 48104-2266
mhammer@dickinsonwright.com