What will happen when I file for Chapter 7 bankruptcy?

Chapter 7 bankruptcy is also known as liquidation bankruptcy because filers sell off a portion of their assets to earn the money required to pay off their debts. After filing, you will be allotted a trustee who will separate your estate into non-exempt and exempt items. Exempt items typically comprise your primary residence and vehicle. All non-exempt property will be sold. In addition to the liquidation process, some of your debts will be eliminated.

If you would like to learn more about Chapter 7 bankruptcy or would like to speak with an attorney about your financial situation, contact Tacoma, Seattle, Kirkland, Bellevue, Bremerton, Everett bankruptcy lawyer Ryan Nykamp pf Bankruptcy Attorneys, PLLC today at 425-289-9873.