| Here's a few basic points about a Chapter 7
Bankruptcy filing :
The main goal under
any filing in bankruptcy is to give one who is burdened with
debt a fresh start.
A Chapter 7 Bankruptcy
is the most common form of bankruptcy filing, accounting for
over 65% of all Consumer Bankruptcy filings.
A filing under Chapter 7 Bankruptcy is
often called liquidation or a straight bankruptcy. Liquidation
converts one's assets to money. This process involves the
appointment of a trustee.
A trustee collects all non-exempt
property, sells the assets and then distributes the proceeds
from the sale to the appropriate creditors. However, unlike
other bankruptcy filings, a debtor does not make payments to
the trustee.
Does this mean that you will lose your
assets? The answer depends on your particular situation. But
in most bankruptcy cases you will not lose any of your
belongings.
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