Chapter 7 bankruptcy is also known as liquidation bankruptcy because filers sell off a portion of their assets to earn the money necessary to pay off their debts. After filing, you will be assigned a trustee who will divide your estate into non-exempt and exempt items. Exempt items typically include your primary residence and vehicle. All non-exempt property will be taken away and sold. In addition to the liquidation process, some of your debts will be discharged.
If you would like to learn more about Chapter 7 bankruptcy or would like to speak with an attorney about your financial situation, contact the Birmingham bankruptcy lawyers of [firm-name] today by calling [phone-number].