What is Chapter 7 bankruptcy?

The short answer is straight liquidation. In a Chapter 7 case, most of your debts are erased (or discharged) and the trustee assigned to your case can seize and sell all of your non-exempt assets and use those funds to pay back a portion to your creditors.


Bankruptcy Lawyer - call (801) 676-5506 for a free consultation.

When we think of bankruptcy, the first thought that comes to mind is usually a person who has made some very poor financial decisions and winds up in a situation where they owe more money than they can pay back. And while this will most definitely happen to some individuals every year, it's important to remember that not all forms of bankruptcy are created equal. As with any type of legal proceeding, there are different kinds of bankruptcy and each one serves a different purpose. In fact, Chapter 7 bankruptcy is often used by average Americans as an opportunity to start fresh by discharging certain debts they could never pay back, even during their entire lifetime.

The Chapter 7 process can be complex and tricky if you don’t know what you’re doing, for this reason, be sure and contact a bankruptcy lawyer for help. This lawyer does free consultations for bankruptcy cases:

Ascent Law LLC

8833 S Redwood Rd Ste C

West Jordan UT 84088

(801) 676-5506

https://g.page/AscentLaw

https://www.ascentlawfirm.com/chapter-7-bankruptcy-in-utah/

 

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