Bankuptcy Chapter 7- A chapter 7 bankruptcy case is commonly referred to as a liquidation case. In a chapter 7, a panel trustee is charged with marshalling the non-exempt assets of the individual or business debtor and liquidating those assets into cash. The cash recovered by the trustee is then distributed to the debtor’s unsecured creditors on a pro rata basis. At the conclusion of the chapter 7 case, the individual debtor generally obtains a discharge of his debts. The discharge serves as an injunction against most creditors from attempting to collect on discharged debts. Important considerations in determining whether to file a chapter 7 case include property exemptions (i.e. homestead, tenancies by the entireties, wages of head of household, etc.), the dischargeability of certain debts (i.e. some debts are excepted from a chapter discharge, including student loans, some taxes, etc.), the necessity of filing to obtain an automatic stay (immediatley upon filing a banbkruptcy case,