What Is Chapter 7? How Does It Work?
When most people think of bankruptcy, they think of Chapter 7. Chapter 7 is the most common type of bankruptcy. It is also sometimes called a “liquidation” or “straight” bankruptcy.
Chapter 7 works by having a trustee appointed to your case by the court. The truste
e’s job is to take all of your nonexempt assets and sell them off to pay your creditors. In mo
st cases, you will not have any nonexempt assets, so the trustee will not have anything to sell.
Once all of your assets have been sold and your creditors have been paid, you will be discharged from your debts. This means that you will no longer be liable for them and they cannot come after you for payment.
If you are considering filing for bankruptcy, Chapter 7 may be the best option for you.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you and find a fresh start FAST!
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