When folks learn about Chapter 7 bankruptcy law, the first thing they should understand is that it means liquidation. In legal terms, liquidation is the sale of assets to try to satisfy as many of the debts owed to one's creditors as possible. This does not mean, however, that every single thing you own will be sold. Depending on your circumstances and the state laws where you live, you may be able to hold onto a reasonable portion of your assets.
29 September 2020
