What will happen when I file for Chapter 7 bankruptcy?
Chapter 7 bankruptcy is also known as liquidation bankruptcy because filers sell off a portion of their assets to earn the money required to pay off their debts. After filing, you will be allotted a trustee who will separate your estate into non-exempt and exempt items. Exempt items typically comprise your primary residence and vehicle. All non-exempt property will be sold. In addition to the liquidation process, some of your debts will be eliminated.
If you would like to learn more about Chapter 7 bankruptcy or would like to speak with an attorney about your financial situation, contact Tacoma, Seattle, Kirkland, Bellevue, Bremerton, Everett bankruptcy lawyer Ryan Nykamp pf Bankruptcy Attorneys today at 425-289-9873.