Any nonexempt property is turned above to the trustee, who sells the belongings and distributes the proceeds to creditors. At the end of the liquidation and distribution course of action, the filer doesn’t owe the creditors.The defining trait of Chapter 7 would be that the filer’s belongings get liquidated, which is why it’s generally known a

Chapter 7: fundamental liquidation for people and businesses; also referred to as straight bankruptcy; it can be the simplest and quickest method of bankruptcy accessibleAny part of the homestead exemption that you simply did not use to safeguard the fairness within your Most important residence might be applied to your other house.Supplying $0 dow

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