How to file Chapter 7 Bankruptcy
People who live or have a business or property in the United States can file for Chapter 7 bankruptcy in a federal court. Chapter 7 is straight bankruptcy or liquidation.
Some property can be exempt from chapter 7. Most liens including real estate mortgages and security interests for car loans survive. Other assets, if any, are sold or liquidated by the U.S. trustee to repay creditors. Many types of unsecured debt are legally discharged by the
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