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What exactly is A part seven Bankruptcy proceeding? There are two kinds of user bankruptcies. The most common is the A bankruptcy proceeding, and this is entitled an excellent liquidation personal bankruptcy. Chapter 7 bankruptcies are governed by a section eight trustee which needs one possessions available to creditors and you can provide them to pay those financial institutions. Always, extremely clients' possessions are exempt on trustee's arrive at. Most people submitting Part 7's don't have the variety of assets that Chapter 7 trustee are selling to expend loan providers. I label these “no house” cases. Many people exactly who document a part seven bankruptcy since they are drowning within the consumer debt such credit card bills otherwise scientific bills and require rescue. Declaring Chapter 7 personal bankruptcy supplies the…