Liquidating distribution from partnership
The debtor may not have been granted a Chapter 7 discharge within the previous 6 years.
The debtor must not have had a previous bankruptcy dismissed for cause within the last 180 days.
In order to file a bankruptcy, the debtor must reside in the location of filing within the greater part of 6 months (91 days).
The debtor maybe an individual, married couple, corporation, partnership or trust.
After the bankruptcy petition is filed, the United States Trustee appoints as trustee a disinterested person who is a member of a panel of Chapter7 trustees ("panel trustee") to serve as an interim trustee.
They are private citizens appointed and supervised by the Office of the U. There are approximately 1,000 Chapter 7 Trustees who are currently receiving new cases, most of whom are NABT members.
Chapter 7 Trustees collectively administer over one million cases annually.
The Panel Trustee will cause a notice to be given to all creditors to file their claims with the Bankruptcy Court.
The Panel Trustee will then pay creditors according to the priority level they have been given by the Trustee.