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Open in new window Bankruptcy: Chapter 7 Liquidations

Phillip L Kunkel and Jeffery A. Peterson ( June, 2015 )

Summary

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.


Details

Organization University of Minnesota Extension
Publisher University of Minnesota
Publication Date June, 2015
Publication Views 2459
Material Type Written Material

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