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"Straight" Bankruptcy: Chapter 7
"There are several types of bankruptcy, each provided in a separate chapter of the Bankruptcy Code, a federal statute. Proceedings under Chapter 7 (straight bankruptcy) involve surrendering most of the borrower's nonexempt assets." This site provides questions and answers about this type of bankruptcy, including explanations of exempt and nonexempt assets and how this type of case begins. From the American Bar Association (ABA).
http://www.abanet.org/publiced/practical/bankruptcy7.html
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