Sawin & Shea

SEPTEMBER 27, 2023

Chapter 7 is also known as liquidation bankruptcy because in exchange for receiving a discharge of most kinds of debts, the debtor has to give up non-exempt assets. The Court can sell all nonexempt possessions and assets. Known as exempt assets, these are the things you may keep when you file for Chapter 7 bankruptcy.

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Debt Free Colorado

JANUARY 20, 2024

But it can involve asset liquidation, and the discharge is independent of such sales. That means the debtor is no longer legally obligated to repay these debts. To sum up the process of Chapter 7 bankruptcy : The bankruptcy trustee may liquidate non-exempt assets to repay creditors.

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Taurus Collect

MARCH 5, 2024

Persistent Contact: Debt collectors may contact debtors through phone calls, emails, letters, or even personal visits. Consider a Payment Plan: Many debt collectors are open to negotiating payment plans that are manageable for the debtor. Over time, these can accumulate, significantly increasing the total amount owed.

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Debt Free Colorado

DECEMBER 23, 2024

Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate. Student loans, child support, recent taxes, and court fines must be paid in full. However, because assets do not secure these debts, bankruptcy may help eliminate them. Late utility bills also count as unsecured debt.

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