liquidation

How Can I Protect My Assets from Being Liquidated in a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is known as liquidation bankruptcy because it involves the liquidation of the filer’s non-exempt assets to make a profit, which is then used to repay the filer’s creditors. Naturally, nobody wants to have his or her assets liquidated, but when an individual files for Chapter 7 bankruptcy, his or her creditors need to recoup at least some of their money.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com