A Chapter 7 bankruptcy eliminates your debts, which allows you to make a fresh start. It is also an asset liquidation, which means that non-exempt property (property that is not protected by law) is sold by a trustee and the proceeds are paid to your creditors. Because most of your property is exempt, in most cases no property is lost. If you might lose property, a chapter 13 will probably be the better case to file. During the free initial consultation with an attorney, we will analyze your situation so you know which type of case to file.
What is a Chapter 7 bankruptcy?
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