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Bankruptcy Chapter 7 - Basics

posted Jul 16, 2014, 10:30 PM by Nick Talwar   [ updated Jul 16, 2014, 10:36 PM ]
Chapter 7 is a liquidation bankruptcy.  But this does not mean you have to give up all your possessions.  You can keep most of your current things like cars, houses and other items if they are allowed under the exemption.  Generally speaking the exemptions in bankruptcy allow you to keep your things, while letting go of your debts.  I like this type of bankruptcy because my clients can discharge their unsecured debts like credits cards and get a fresh start.  To see if you qualify for chapter 7, call me now.