In a Chapter 7 bankruptcy, a trustee may liquidate (sell) a debtor's nonexempt property to pay back debt in exchange for a discharge of debts, though many filers do not own nonexempt property and thus do not have to give up assets.

Authors

• Person: Not available Organization: Nolo
  Debt Consolidation v. Bankruptcy: Which is Better? - Nolo

Sources

• Debt Consolidation v. Bankruptcy: Which is Better? - Nolo www.nolo.com Nolo via serper

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• Chapter 7 bankruptcy concept