An Explanation of Ch 7 Bankruptcy | Get Legal Information

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Chapter 7 bankruptcy is the most common form of bankruptcy and is used by individuals and businesses to get out of debt. Once you file for Chapter 7, a trustee will be appointed to take over your assets and determine what property is exempt and non-exempt. Exempt property, such as your home and one car, will remain in your possession. Non-exempt property, such as cash and a second vehicle, will go to creditors to satisfy your debt.