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Alimony, child support, and student loans generally cannot be discharged in a Chapter 7 case, nor can most judgments against the debtor for criminal acts.Businesses The procedure for filing Chapter 7 bankruptcy is very similar for businesses.For businesses, liquidation usually means closing for good and selling off the assets.In the end, if a company's stock or bonds are deemed worthless by the bankruptcy court, investors might be able to deduct their losses on their tax returns.Therefore, if you owed a ,500 credit card debt, and paid the debt off in full, the debt would then be considered liquidated. Lynn Burbeck is a professional writer with over five years of experience writing for the Web. Ultimately, a judge decides whether to discharge an individual's debt.The judge can deny the discharge if the debtor failed to keep adequate records, failed to explain the loss of any assets, committed a crime, disobeyed court orders, or did not seek credit counseling.

These notes have a fixed maturity that is usually less than a year in length.In the case of bankruptcy, when and how a borrower liquidates assets is a big deal.If all the debtor's assets are tax-exempt or subject to liens, there may not be any assets to liquidate and hence no money to distribute to creditors.Here's how liquidation works in the case of bankruptcy.Individuals To file Chapter 7, the debtor files a petition with the local bankruptcy court.

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Why It Matters The last step in the effort to repay debt in bankruptcy is usually to liquidate everything.

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