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Once the court approves your case, if you’re eligible by means test, you get a fresh start with some assetliquidation. Chapter 7 bankruptcy remains on credit reports for 10 years. Unsecured Debts in Chapter13BankruptcyChapter13bankruptcy works differently.
This type of bankruptcy is often chosen when a business needs to close its doors. Chapter 7 includes many different processes, including: AssetLiquidation: The business’s non-exempt assets are sold off to pay creditors. Discharge of Debts: After liquidation, any remaining unsecured debts are discharged.
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Asset liquidation 
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