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Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecuredcreditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts.
Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. What Is Chapter 7 Bankruptcy?
When You Have Too Much Debt to Handle Sometimes debt can pile up to the point where making even minimum payments feels impossible with your current income. Credit card balances, personal loans, and other unsecureddebts can quickly spiral out of control, especially when combined with secureddebts like a car loan or mortgage.
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