A Chapter 7 bankruptcy is a liquidation proceeding. It is the most logical choice for a farmer who cannot continue to farm and who must terminate his or her farming operation. Under Chapter 7, a trustee is appointed to liquidate all nonexempt assets and distribute the proceeds to creditors. Secured creditors will receive either the value of their collateral or the collateral itself.
Organization |
University of Minnesota Extension |
Publisher |
University of Minnesota |
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3453 |
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Written Material |