"Straight" Bankruptcy: Chapter 7
There are several types of bankruptcy, each provided in a separate chapter of the Bankruptcy Code, a federal statute. Proceedings under Chapter 7 (straight bankruptcy) involve surrendering most of the borrower's nonexempt assets. A bankruptcy trustee is appointed in every Chapter 7 case to administer the nonexempt assets (if any) and distribute either the assets themselves or the proceeds from selling (liquidating) them among the creditors.
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What does Chapter 7 bankruptcy involve?
Am I eligible to file for bankruptcy under Chapter 7?
How does the means test work?
What steps do I need to take before filing for bankruptcy?
How does a Chapter 7 bankruptcy case begin?
What do I have to tell about my finances?
Will I lose some of my assets if I file for Chapter 7?
What are exempt assets?
What are nonexempt assets?
May I use Chapter 7 bankruptcy to get rid of all my debts?