If you have a Chapter 7 asset case, your bankruptcy trustee collects and sells your asset and pays your priority debt with the proceeds. Our last blog post was about what happens to priority debts in a no-asset Chapter 7 case. Most consumer “straight bankruptcy” Chapter 7 cases are no-asset ones. This means that the bankruptcy trustee does not … Read More
Chapter 7 “asset” cases may sound scary. They needn’t be. We walk you through a very straightforward example to demystify this.