Chapter 7 bankruptcy is a liquidation process. The trustee will sell off the debtor’s non-exempt assets and pay the creditors from the sale proceeds. Once the creditors are paid from the sale proceeds, the debtor will receive a discharge. These are certain assets which are considered exempt assets and the trustee will not take over such exempt assets. This section provides information about the assets that are exempt as well as the discharge process involved in a Chapter 7 bankruptcy including the debts that survive a Chapter 7 bankruptcy. Click on the links to know more:
- Debt Discharge : This article offers information on debts that can’t be discharged, grounds for denial of a discharge, and more.
- Types of Bankruptcy Exemptions : Learn about the types of property that may be exempt from Chapter 7 liquidation.
- Exempt vs. Non-Exempt Property : Find out about which types of property may be spared from Chapter 7 liquidation and those that may not be.
- Debts After a Chapter 7 Discharge : Learn about the types of debts that are not discharged, including alimony, child support, and student loan debts.
- What Happens After Chapter 7? : Find answers to your questions about the Chapter 7 process, including the effect on your credit, possible tax consequences, and debts that remain.
- State Homestead Laws : This section offers a collection of state laws dealing with homestead exemptions.