What is Chapter 7 Bankruptcy? | Law Office of Phil Hineman, PC
Chapter 7 or liquidation bankruptcy is the simplest form of consumer bankruptcy. It allows eligible individuals and married couples to start fresh by discharging qualifying debt. If you own more property than you can exempt, a bankruptcy trustee will sell, or liquidate, the unexempt property and distribute the proceeds to your creditors. A Payson, Arizona bankruptcy attorney can help you determine whether you qualify.