Is Chapter 7 Bankruptcy For You? Four Things You Should Know
Chapter 7 is a liquidation type bankruptcy, and it provides the best chance for debt relief and a new start, but there are four things you need to know about it to make a wise decision.
1. Liquidation means your assets could be used to pay on your debts.
After you file bankruptcy, your case will be assigned to an official of the court called a trustee. This person is usually an attorney, an accountant, or someone that has experience in financial services.