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|
|Publication Date||June, 2015|
|Material Type||Written Material|