What Liquidation Means

Each year, countless individuals and families find themselves in a seemingly inescapable pit of financial despair. Medical emergencies, job losses, and other sudden and unexpected life events can threaten the stability of even the most responsible and seemingly secure people. But in the midst of life’s unpredictability, it may be the case that you are now subject to a constant assault of collection calls and letters, and you may be struggling to keep up with basic living expenses. Filing for Chapter 7 bankruptcy protection may offer you the relief you need to begin rebuilding your financial future.

Although the United States Bankruptcy Code is intended to help debtors reach a somewhat equitable resolution with their creditors, filing for bankruptcy is often a difficult and confusing process. Let us help to simplify it for you. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C. at 480-829-0494 to speak with a skilled and experienced attorney about the specifics of your case

Chapter 7: Liquidation Bankruptcy

The term “liquidity” is used in financial speak to refer to the flexibility of assets. Real estate holdings, for example, are not highly liquid because sale transactions require a considerable amount of effort, inspections, and legally dense paperwork. Liquidation sales are a component of the Chapter 7 process, and they involve the sale of a debtor’s assets and the distribution of the proceeds from that sale to partially satisfy debts. Important things to note:

• Arizona bankruptcy law allows certain “exemptions”, meaning that there are some kinds and dollar amounts of property that a debtor will be able to keep, regardless of the amounts due to creditors
• It is frequently the case that a Chapter 7 filer will not be compelled to sell anything
• The sale is conducted by a Court-appointed Trustee
• The completion of this sale is an essential step on the road to a discharge of your debts

Contact Us

We understand how difficult this situation is for you and your family. We also understand how to help to put an end to the stress. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C. today at 480-829-0494.