Chapter 7

Chapter 7, otherwise known as “liquidation,” is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships. A trustee (appointed by the court) gathers and sells your non-exempt property and uses the proceeds from the sale to pay your creditors.

Most chapter 7 cases are “no-asset’ case, which simply means that you do not have any non-exempt property for the trustee to sell.

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