Chapter 7 refers to a chapter of the bankruptcy code that provides for “liquidation.” Under Chapter 7, your debt is discharged, but your nonexempt property is sold, with the proceeds distributed to your creditors.
Chapter 7 refers to a chapter of the bankruptcy code that provides for “liquidation.” Under Chapter 7, your debt is discharged, but your nonexempt property is sold, with the proceeds distributed to your creditors.