Straight bankruptcy is another term for a Chapter 7 bankruptcy, also known as liquidation or fresh start. In Chapter 7 bankruptcy, all non-exempt assets are collected and sold. All proceeds from the sale are distributed to creditors in amounts deemed appropriate by the bankruptcy trustee assigned to the case.
While it is possible to file for Chapter 7 bankruptcy without a bankruptcy attorney, it is not advisable. Having an experienced bankruptcy lawyer on your side can help you understand and navigate the bankruptcy codes, including what amounts and types of assets can be exempted from sale.
A great bankruptcy law firm, like Frutkin Law Firm, PLC, in Phoenix, Arizona, can also help you navigate the aftermath of bankruptcy and set you on a course for solid financial recovery.
