Chapter 7 bankruptcy is also known as straight bankruptcy and is a process of liquidation in which the debtor turns over all non-exempt property to the trustee of the bankruptcy proceedings. The trustee will, in turn, convert it to cash and distribute the proceeds to creditors.
Within four months or so, the debtor will receive a discharge of all dischargeable debts. According to bankruptcy information, most of the Chapter 7 bankruptcy cases help in giving the debtor a relatively quick fresh start because he or she would not have any assets that could be lost.
Different Types of Bankruptcies
Knowing the differences between Chapter 7 and Chapter 13 bankruptcies highlights the need for adequate bankruptcy information to be readily available. Being distinct from Chapter 7 bankruptcy, Chapter 13 bankruptcy is provided for those that earn wages and who can thus use their income to pay off creditors within a stipulated time period. It is only if there is enough bankruptcy information available, that one can learn about the different forms of bankruptcy, learn how best to avoid them, and in case of bankruptcy, know how best to deal with them.
With proper...
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