Next, a bankruptcy court will appoint a trustee for the debtor’s estate. The trustee is responsible for liquidating the estate. A liquidation means the debtor’s assets are sold, and the proceeds are distributed to his creditors. Exempt assets aren’t sold in the bankruptcy process; the debtor gets to keep them.
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How To Find A High Quality personal bankruptcy lawyer. In: Law. Like Tweet Pin it Share Share Email. There are few financial decisions more momentous than determining whether or not it is time for a bankruptcy filing. Before you file for personal bankruptcy, be sure that you understand all of.
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