How Flexible Is Chapter 7 Bankruptcy
Over 1.5 million people are expected to file bankruptcy in the United States this year. For those who don’t possess a valuable asset, such as a car or a home, or have a dependable income, and whose debts have become unmanageable, filing chapter 7 bankruptcy can provide relief. Chapter 7 bankruptcy is a form of bankruptcy in which your assets are liquidated and the proceeds are used to pay off your creditors. Like other forms of bankruptcy, chapter 7 bankruptcy is a court-supervised process in which an impartial trustee oversees every aspect of the proceedings.