In Chapter 7, the debtor's estate is liquidated underneath the policies of the Bankruptcy Code. Liquidation is the method through which the debtor's non-exempt assets is sold for money by a trustee as well as the cash is dispersed to creditors.
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Chapter seven of your Bankruptcy Code presents for “liquidation” or discharge of sure debts to present an sincere specific debtor a “clean commence.” The individual debtor has no legal responsibility for discharged debts.
The bankruptcy courtroom will evaluation
Halt foreclosure on your own home or mobile residence and allow you an opportunity to make amends for skipped payments. (Bankruptcy won't, on the other hand, routinely get rid of home loans and also other liens on your assets without having payment.)
All bankruptcy individuals can mak