This is a liquidation bankruptcy, which means that the trustee sells off all non-exempt assets held by the debtor so that the debts can be repaid to the fullest extent possible. Anything that cannot be paid after liquidation is discharged
chapter 7. This is a liquidation bankruptcy, which means that the trustee sells off all non-exempt assets held by the debtor so that the debts can be repaid to the fullest extent possible. Anything that cannot be paid after liquidation is discharged. If you exempt everything there is nothin for the trustee to sell.
In a Chapter 7 bankruptcy, the debtor's nonexempt assets are liquidated to pay debts. True A payment by a debtor in the ordinary course of business, such as the payment of a utility bill, will not be set aside by the bankruptcy trustee.
There are several chapters of BK-- Chapter 7 is a liquidation or gives you a fresh start, Chapter 13 is called the "Home saver" it requires a regular income and a 3-5 yr plan to pay back some or all of the debts. The trustee must approve the plan