Chapter 7 Bankruptcy Is Also Called Liquidation

Chapter 7 bankruptcy is also known as liquidation, a term which some may find misleading, when in reality, it’s extremely rare that a consumer loses any personal belongings. During a chapter 7 bankruptcy case, a bankruptcy trustee has the option of liquidating or selling your non-exempt assets in order to pay off some of your outstanding bills. The good news is that most people who file Chapter 7 bankruptcy do not have any non-exempt assets, and there is usually no liquidation or sale of property.

Search the web and learn more about Chapter 7 bankruptcy exemptions and qualifications and how you can file online. There is a lot of information online and many good bankruptcy services that will help you.