What to Know About Chapter 7 Bankruptcy

It’s stressful when you can’t repay various debts. If you don’t pay the debt on time, your property can be confiscated. To avoid this, you should file for bankruptcy with the help of a trustee. If you are a low-income earner, you should file for chapter 7 bankruptcy. Before filing, there are a few things you should know about chapter 7 bankruptcy. Learn more here.

The Bankruptcy Trustee for Chapter 7 Bankruptcy

The court uses a bankruptcy trustee to control all its operations. The court ensures that you pay your creditors a maximum amount of what you owe them. The trustee looks for you non-exempt property and sells them to benefit the creditors. The trustee also uses your previous year’s financial transactions to free up any assets. Learn more about Tips for Choosing the Best Chapter 7 Bankruptcy Attorney.

What Happens to Your Property

After meeting with the creditors, the trustee can surrender your non-exempt property to the creditors or give them a cash amount equal to the same property. You can get to keep the property if the creditor abandons it because it’s worthless. Few chapter 7 debtors end up surrendering any property so long as it’s not secured.

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If you live in Greenbelt, Maryland, and need to file for chapter 7 bankruptcy, The Phillips Law Offices LLC is the form of your choice. Call us through (301) 494-4250.

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