Financial challenges can happen in a business or on an individual level – and this can happen for a variety of reasons. Whatever the cause of the financial hardship, having someone with extensive knowledge of laws can help you, your family, or your business get through the ordeal.
Bankruptcy is serious and what you do moving forward can determine your fate. Filing Chapter 7 bankruptcy can be one of your options, subject to the eligibility of your situation. In this article, we will be discussing Chapter 7 to give you a deeper understanding of this course of action.
In a gist, Chapter 7 allows liquidation of your assets to pay your creditors. Paying what you owe can be quite challenging in financial distress but with Chapter 7, a bankruptcy trustee is appointed to help you with the liquidation of non-exempt assets. After the proceeds are exhausted, the remaining debt is discharged or canceled.
Payment of debts happens in order. First, unsecured priority debt is paid. Secured debt comes next. Then, nonpriority unsecured debt comes after. Your trustee will do an extensive review and evaluation of your assets. With such complexities, having a reliable legal representation can help in keeping your best interests and you informed effectively.
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