Chapter 7 bankruptcy does not involve filing a repayment plan. Here, the Bankruptcy trustee collects and sells the debtor’s nonexempt assets, the proceeds of which are used to pay the creditors in accordance with the Bankruptcy Code. Some of the debtor’s property can be subject to mortgages and liens that pledge the property to other creditors. Also, the Bankruptcy Code will the debtor to keep specified “exempt” property; and a trustee will liquidate the remaining assets.
I can help you with your bankruptcy and guide you through a difficult and confusing process.
