Chapter 7Learn More About Bankruptcy Law
Chapter 7 bankruptcy or otherwise known as “liquidation bankruptcy” is where a debtor files a bankruptcy petition with the bankruptcy court and a trustee may sell some of your property to repay your debt to the creditors. Although in most bankruptcies, debtors do not have assets which could be sold to repay creditors or the assets they do possess, are exempt from being sold to repay creditors. Anybody can file for bankruptcy themselves, but it takes an experienced bankruptcy attorney to obtain the best results and to retain as much or all of your property through the use of proper bankruptcy exemptions.
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