Liquidating a business attleboro mutual liquidating trust
The most common reasons for filing a Chapter 7 (liquidation) bankruptcy are: divorces with extensive credit, extended period of unemployment, large medical expenses, extended period of disability, over extended consumer credit, large amount of unexpected expenses and business losses.
It also assures a Panel Trustee that he/she has an equal chance to get appointed to a case that may have significant assets to administer.
If the Panel Trustee has a conflict in a specific case, he/she may withdraw by giving notice to the United State Trustee.
The Panel Trustee may also seek to recover assets conveyed by the debtor prior to the filing of the bankruptcy.
This could include payments made by the debtor to its creditors within 90 days of the bankruptcy filing or 1 year if the payments were made to related parties of the debtor.
The debtor may not have been granted a Chapter 7 discharge within the previous 6 years.