什么是第七章破产? | What Is Chapter 7 Bankruptcy?

This document provides basic information about Chapter 7 Bankruptcy, which is also called "Liquidation." It explains how the court-appointed Trustee sells assets to pay creditors, and how this process differs from Chapter 13 Bankruptcy.

The court describes it as: 您将在这里了解到关于第七章破产(Chapter 7 Bankruptcy) 的一些基本知识，包括它和第 十三章破产 (Chapter 13) 的不同，谁可以申请，费用是多少，以及还款是如何计算的。

Common questions

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is called "Liquidation." In this process, a Trustee appointed by the court sells your property to pay back your creditors. However, the law protects most basic living items from being taken or sold.

Who can apply for Chapter 7 Bankruptcy?

If an individual or married couple applies, they may only qualify if their family income is below the "Median Income" for their state and family size.

Revision history

No changes recorded since we started tracking this form on October 9, 2026.

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