Venice Sarasota Bankruptcy

Chapter 7 bankruptcy is the most common type of bankruptcy filing. Under Chapter 7, the debtor's assets / personal property are liquidated /sold and the proceeds are used to pay creditors. A Chapter 7 filing may result in the loss of all non-exempt property, a complete discharge of all eligible debts, and no further obligation to pay discharged debts in the future. There are certain debts that are non-dischargeable under Chapter 7, such as mortgages, liens (such as car loans), child support, alimony or debts incurred through fraud.