Chapter 7 Bankruptcy

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What is Chapter 7 Bankruptcy?

Chapter 7 bk is designed as an orderly, court-supervised procedure by which a trustee collects the assets of the debtor’s estate, reduces them to cash, and makes distributions to creditors, subject to the debtor’s right to retain certain exempt property and the rights of secured creditors.

Will I have to turn over property?

Because there is usually little or no nonexempt property in most chapter seven bk cases, there may not be an actual liquidation of the debtor’s assets. These cases are called “no-asset cases.”

Why would someone file Ch. 13?

Usually a debtor with assets that they wish to keep and that are not covered by exemptions file chapter 13 bankruptcy.