Chapter 7 bankruptcy, also known as straight bankruptcy is the liquidation of all debt. In Chapter 7, all of the debtor’s nonexempt assets that have significant value are distributed to creditors to pay off debts. Once debts are paid off the debtor receives a discharge. A typical Chapter 7 bankruptcy lasts from 3-6 months. Here are four facts you need to know before filing a for Chapter 7 bankruptcy.
Deciding to file for bankruptcy is a difficult decision to make. For more information regarding Chapter 7 or Chapter 13 call my office for a Free no obligation consultation 423-267-8000.
Written by: Rebecca Kidd
*You may have to pay the other side’s attorney’s fees and costs in the event of a loss.
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