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What is liquidation bankruptcy? Liquidation bankruptcy is another name for Chapter 7 bankruptcy. What this means is that people who file for Chapter 7 bankruptcy may have their assetsliquidated to appease creditors. However, only non-exempt assets are liquidated and this process rarely happens.
The money earned from these sales then goes to the creditors and any remaining balances on the debts are discharged. The goal is to not leave you completely destitute after filing for bankruptcy. These exemptions help ensure you have someplace to live, transportation to get to and from work, and other essentials.
Unsecured Debts in Chapter 7 Bankruptcy In Chapter 7 bankruptcy , most unsecured debts can be wiped away completely. This type of bankruptcy often eliminates creditcarddebt, medical bills, and personal loans. Chapter 7 bankruptcy remains on credit reports for 10 years.
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