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What is Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a liquidation in the Bankruptcy Code, since the vast majority of the debtor's assets are sold for cash and used to pay creditors owed money. That said, there are particular limits to which assets may be liquidated. You can review Chapter 7 for more information. Chapter 7 filings where there is very little nonexempt property, if any, are known as no-asset cases. Creditors holding unsecured claims generally do not receive proceeds unless it is an asset case and the creditor has filed what is known as a proof of claim with the court. Fundamental amendments to the Bankruptcy Code in 2005 included the requirement of a means test to determine eligibility for personal bankruptcy under Chapter 7. The test determines whether or not the debtor has too much income for this type of filing. ....

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