Wagner Law Office, P.C.

Chapter 7 Bankruptcy is sometimes referred to as "Liquidation Bankruptcy." When a debtor files a Chapter 7 Bankruptcy, the court appoints a bankruptcy trustee to the debtor's case. The bankruptcy trustee is a fiduciary for your creditors. In other words, the trustee represents the creditors and will essentially determine whether or not there are any non-exempt assets in the bankruptcy estate worth liquidating. Many Chapter 7 filers do not lose any assets because they are either exempt or have no real liquidation value to the trustee.

A debtor does not simply get to choose to file for a Chapter 7 Bankruptcy; rather, he must be eligible to do so. In 2005, the Bankruptcy Code was amended and effectively made it more complex and difficult to file a Chapter 7 Bankruptcy. Wagner Law Office prides itself on making sure that our clients filing for Chapter 7 Bankruptcy actually qualify to do so.