Filed under: Advice,Finance

Chapter 7 bankruptcy, or a straight bankruptcy, as it is sometimes called is basically a liquidation proceeding. If you file Chapter 7, you will be assigned a bankruptcy trustee by the court and required to turn over all of you property to him that hasn’t been exempted by the court.

Many people with incorrect Chapter 7 bankruptcy information mistakenly believe that filing bankruptcy will wipe out all of their debts. Unfortunately for them, this is decidedly not true. A good bankruptcy attorney can identify for you the debts that will be wiped out and the ones that won’t.

Also, even though a Chapter 7 bankruptcy will cancel much of your debt, in return the bankruptcy court may force your to liquidate some of your other assets.