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We stated previously mentioned that Chapter 7 often is generally known as “liquidation bankruptcy,” which indicates almost everything the debtor owns is obtainable for one particular massive yard sale that can help fulfill creditors.Dealing with creditors — For those who’re up on the problem, Call your creditors and try to workout a repaym
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In Chapter 7, the debtor's estate is liquidated underneath the policies of the Bankruptcy Code. Liquidation is the process through which the debtor's non-exempt assets is bought for funds by a trustee plus the dollars is distributed to creditors.Our team involves debt specialists and engineers who care deeply about building the economic process ava