What to Expect From Bankruptcy?
Wondering what to expect once the process of filing bankruptcy is complete? This is one of the things that deter people from filing bankruptcy and declaring insolvency, but your credit report will be negatively affected for and minimum of 10 years.
If you are filing chapter 7 bankruptcy your assets will be sold as directed by the judge to pay off your creditors. It is basically for those who have enough assets to cover, if not partially pay off their debts.
A Chapter 7 bankruptcy claim relinquishes your nonexempt property to the bankruptcy trustee. At this point the trustee will proceed to liquidate the property (convert to cash), and subsequently distributed to your creditors.