The Real Estate Encyclopedia
Chapter 7 Bankruptcy
Category - Real Estate Glossary - Real Estate Terminology
Under a liquidation bankruptcy, you ask the bankruptcy court to wipe out (discharge) the debts you owe. In exchange for this discharge, the bankruptcy trustee can take any property you own that is not exempt from collection, sell it, and distribute the proceeds to your creditors.


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Real Estate Glossary - Real Estate Terminology
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