The Chapter 7 bankruptcy is a type of bankruptcy that is used by individuals to discharge certain debts. It is known as a "liquidation" bankruptcy because it provides for the liquidation of assets to pay off debts. A Chapter 7 bankruptcy typically requires that the debtor's assets be evaluated and that he or she surrenders any nonexempt assets to the bankruptcy trustee. The trustee then sells the surrendered assets and uses the proceeds to pay off creditors.
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