8:50 PM
MrDebtBuster
It's June! Only 19 more days until it is officially summer AND we are kicking off our "Learn about Bankruptcy Month"... we are excited to provide you with some educational information, hopefully you are excited to learn a bit more about bankruptcy. Today's Topic - What is a Chapter 7 Bankruptcy? While the answer may vary depending on who you ask... we are going to take the safe road and give you the explanation provided to consumers on the website by the United States Court System, a site that is designed to provide you with information about the judicial branch of the US Government, click here to check it out. - A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. - Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets ( You can call a licensed bankruptcy attorney such as Foster Law Offices to assist you with determining which of your assets would be classified as non exempt)and uses the proceeds of such assets to pay creditors in accordance with the provisions of the Bankruptcy Code. - In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. This is the most basic definition of a Chapter 7 Bankruptcy, if you are looking for additional information you can visit our Chapter 7 Bankruptcy Page or click here to learn the differences between Chapter 7 and Chapter 13 bankruptcy protection.
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