Chapter 7, referred to as the “liquidation” provision of the Bankruptcy Code, allows individuals, businesses, partnerships, stockbrokers, and commodities brokers to turn over nonexempt assets, if any, to the bankruptcy trustee who administers those assets to benefit the creditors of the Chapter 7 debtor. In exchange for turning over nonexempt assets to the trustee, the Chapter 7 Debtor receives a discharge of debts. Chapter 7 may not be right for everyone. For example, an individual or business that is already judgment proof, that is who is not capable of paying a judgment, may not need to file for protection under Chapter 7. The key to a successful Chapter 7 proceeding is prebankruptcy planning. During the prebankruptcy planning, we assist the debtor in considering how the timing of the bankruptcy may impact exemption issues, discharge and dischargeability issues, lien and transfer avoidance, valuation issues, among other issues. We have assisted our clients in all aspect of the Chapter 7 case.