There are two main types of personal bankruptcy and each has their own set of rules and stipulations. It is important for anyone considering filing for bankruptcy to understand the difference between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 Bankruptcy. This type of bankruptcy filing is known as straight bankruptcy. What it involves is a liquidation of your assets that are not considered exempt. Exempt property can be tools for work, automobiles and some household furnishings. You can file for Chapter 7 bankruptcy once
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