Chapter 7 Bankruptcy
Chapter 7 Bankruptcy can be filed by an individual, partnership, corporation, or business entity. This type of Bankruptcy allows you (also known as the “debtor”) to liquidate your assets, meaning all assets, except those which are exempt, are sold, and the proceeds are systematically distributed to creditors to satisfy all or a portion of the debt. In exchange, all unsecured debt is eliminated, and the debtor is no longer responsible for paying off those debts.
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