Posts Tagged ‘Bankruptcy Administrator’

Chapter 7 Bankruptcy Procedure

Saturday, July 18th, 2009

Chapter 7 bankruptcy law is also known as liquidation. It allows the debtor to pay off debts by selling his assets and dividing the proceeds among his creditors. A special court officer known as a trustee is appointed. In the states of North Carolina and Alabama, he/she is known as the bankruptcy administrator.

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