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Justia Bankruptcy Regulation Heart Chapter seven Bankruptcy Legislation Chapter seven Bankruptcy Regulation After you file for Chapter seven bankruptcy, often known as liquidation bankruptcy, a bankruptcy trustee will Obtain your assets (outside the house particular exemptions) and provide them off to pay for your debts towards the extent possible.

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That will depend on the type of bankruptcy you qualify for. That has a Chapter 7 bankruptcy, your property will be sold (besides Potentially your home and motor vehicle), along with your creditors is going to be paid off Together with the proceeds.Filing for Chapter thirteen bankruptcy can prevent foreclosure proceedings that may have led towards t