AN OVERVIEW OF BANKRUPTCY

Chapter 7 is often referred to as “liquidation” or "straight bankruptcy". In a Chapter 7 proceeding, you are relieved from the responsibility to pay your debts ("discharged"), with certain exceptions. In exchange for having debts eliminated, you subject your property that is not protected or “exempt” to possible liquidation by the Chapter 7 trustee. The property that you exempt is free ... ................
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