Chapter 7 Bankruptcy | Liquidation Accounting | Advanced Accounting CPA REG
Channel: Farhat Lectures. The # 1 CPA & Accounting Courses
Date: 2019-07-11

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In addition to a voluntary assignment of assets, which constitutes a liquidation without bankruptcy proceedings, a voluntary or involuntary petition for liquidation may be filed under Chapter 7 of the Reform Act. Upon filing, the bankruptcy court must decide whether to accept or dismiss the petition. Although dismissals occur infrequently, the debtor may dispute an involuntary petition, in which case a trial will be held to determine whether the petition should be dismissed.
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