In a very Chapter seven liquidation case, in some cases referred to as “straight bankruptcy,” a trustee collects and sells the debtor’s nonexempt assets (as spelled out below, you keep, or “exempt,” some assets such as primary domestic items and some cash) and pays the proceeds to creditors so as of precedence. Most Chapter seven scenario
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Plan I is where you inform the bankruptcy court about your income from all resources. Your Routine I should really consist of:Therefore failure to list during the schedules a financial debt falling into one of these special classifications of debt has no more destructive effect. It would not have been discharged regardless of whether it had been li
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