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Chapter 7 bankruptcy is a liquidation bankruptcy that eliminates all of your debts within a 4 months period without any repayment. The only requirement is that your income must be low enough to qualify by passing an eligibility test called the "means test". Any non-exempt assets will need to be turned over to the trustee and be liquidated by the trustee to repay your creditors. In most cases, debtors are able to exempt (protect) most if not all of their assets in bankruptcy if the exemption statutes are applied correctly. |
