Straight Bankruptcy

Chapter 7 of the Bankruptcy Code provides the relief that people commonly refer to as a straight bankruptcy. Under Chapter 7, you are provided a discharge from your debts and given a fresh start.

Under Chapter 7, the court enters an order giving you relief from your financial obligations.

The court also appoints a trustee to determine if you own any non-exempt property which should be sold for the benefit of your creditors. In most cases, there is no such property which can be sold. Normally, most property people own is considered to be exempt property.

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