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Chapter 7 Bankruptcy
Chapter 7 bankruptcy lets you eliminate (discharge) most of your debts in exchange
for giving up property that is not protected by "exemption" laws.
Someone called a bankruptcy trustee sells your property and distributes the
money to your creditors. Any remaining unpaid debt is wiped out. If you don't
have much property, you may get to keep what little you have. However, certain
kinds of debts cannot be eliminated in Chapter 7 bankruptcy.
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