This form of bankruptcy is frequently referred to as liquidation and is the most common. This is often the best option if you have few or no assets to begin with, since you have little to lose by starting over. If you have nonexempt assets, you should be aware that they will likely be sold and the proceeds distributed to your creditors so that they receive a portion of what they are owed. Obviously, this does not apply if you have no assets; in that case, you are not required to pay your creditors. Consult your attorney to determine which of your assets are not exempt.
To begin the filing process, a trustee will be appointed to consolidate and sell your non-exempt assets. In some instances, you can keep property if you promise to continue making payments. If you sign a reaffirmation agreement, for instance, you may be able to keep your car and residence. This means that you will only lose the items you can no longer afford, so determine which ones they are prior to filing.
The majority of individuals can file for chapter 7 bankruptcy. However, there are a few individuals for whom it would not be optimal. For instance, the majority of businesses dislike the prospect of liquidation, particularly because they have so much to lose. Those who are in debt but still have some income may benefit more from chapter 13 if they can afford to repay their creditors.
Since there are so many bankruptcy chapters, anyone contemplating bankruptcy has a number of options. You must locate a reputable attorney with whom to discuss your options. You may discover that chapter 7 is your best option, particularly if you have nothing to lose. On the other hand, it may be more difficult than you anticipated to lose some of your property, in which case you may opt for a different strategy.""
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