Do you need to file bankruptcy and are feeling a bit confused about all the different legal terms being thrown around? If so, it helps to become familiar with the terms frequently used with the Chapter 7 form of bankruptcy.
Liquidation Bankruptcy
What makes Chapter 7 such a unique form of bankruptcy is that it involves asset liquidation. This means that all applicants are required to pay off as much as possible to creditors before the remaining debts can be eliminated.
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