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CHAPTER 07 STATE PROPERTY FIRE INSURANCE FUND DIVISION SECTION .0100 GENERAL PROVISIONS 11 NCAA 07 .0101 DEFINITIONS The following definitions shall apply for this division: (1) “Agent of Record
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Chapter 07 refers to a specific type of bankruptcy filing in the state that allows individuals to liquidate their assets to repay creditors. It is often referred to as 'liquidation bankruptcy.'
Individuals or businesses who are unable to pay their debts and meet certain income criteria may be required to file for Chapter 07.
To fill out Chapter 07, you need to complete the bankruptcy petition, schedules of assets and liabilities, and other required documents, then file them with the appropriate state court.
The purpose of Chapter 07 is to provide individuals and businesses with a fresh start by discharging unsecured debts after liquidation of non-exempt assets.
You must report all assets, liabilities, income, expenses, and any prior bankruptcy filings or financial dealings on the Chapter 07 forms.
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