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Chapter 7 bankruptcy involves the selling of nonexempt assets to repay creditors, commonly used in the US for debt relief strategies.
Chapter 7 bankruptcy involves the selling of nonexempt assets to distribute proceeds to creditors. This process is mainly for individuals or businesses seeking relief from debt liabilities.
For example, if a person or company files for Chapter 7 bankruptcy, the court may sell off their nonexempt assets such as property or vehicles to repay creditors.
American Bankruptcy Institute tracks bankruptcies in the US, with Chapter 7 being one of the common forms used for debt relief strategies.
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