Chapter 7 Bankruptcy
Chapter 7 Bankruptcy
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Chapter 7 bankruptcy filing does not require a debt repayment plan. In accordance with the Bankruptcy Code, the court appointed bankruptcy trustee is assigned to collect and put up for sale all the debtor's nonexempt assets. The trustee then uses the profits from the sale of said assets to pay creditors that hold of claims against the debtor. Some property or assets cannot be sold in this manor because they are subject to liens such as mortgages that guarantee the property or asset to the creditor in the event of nonpayment. the Bankruptcy Code allows certain property to be exem
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When most people think of filing for bankruptcy, they no doubt think of something akin to Chapter 7 liquidation. In Chapter 7, the debtor turns over all his non-exempt property to a bankruptcy trustee...
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Can I Keep My Tax Refunds If I File Chapter 7?
Tax season is here again.
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Chapter 7 Bankruptcy: Discharge Debt and Keep Your Property
Did you know that you may be able to wipe out all of your credit bills, medical bills and judgments in a chapter 7 bankruptcy case and keep all...
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Will I Lose My Home If I File Chapter 7?
When evaluating the probability that an asset will be liquidated in a