In Chapter seven, the debtor's estate is liquidated underneath the rules of the Bankruptcy Code. Liquidation is the procedure by which the debtor's non-exempt residence is marketed for dollars by a trustee as well as dollars is dispersed to creditors.
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Creditors are the final set of gamers in a typical shopper Chapter 7 bankruptcy case. They may be additional damaged down into secured creditors and unsecured creditors. Which group a creditor falls in establishes how included they may be in your circumstance.
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Chapter thirteen payment programs range from 3 to five years based on your profits together with other conditions. Through the duration of your repayment prepare and although your bankruptcy’s computerized remain is in place, creditors are forbidden to start out or carry on selection a