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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.
These debts have no collateral, so creditors cannot take your property without going to court first. Late utility bills also count as unsecured debt. Some debts stay with you even after bankruptcy. Studentloans, child support, recent taxes, and court fines must be paid in full.
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.
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