happens in a Chapter 7 bankruptcy?
Chapter 7 bankruptcy, sometimes called a regular or
liquidation bankruptcy, is the simplest, least expensive, and
most popular. Chapter 7 bankruptcies are for individuals and
all businesses. The basic procedure is this: The proper
bankruptcy papers are prepared by your attorney, signed by
you, and filed in the Bankruptcy Court; The Court sends notice
of your bankruptcy to your creditors; You appear at a short
Trustee's hearing in Youngstown, Jefferson, Cleveland or
Akron, depending on where you live, and In a few months
(provided there are no complications) you receive your
Discharge Order from the Bankruptcy Court, which certifies
that you do not owe any of your dischargeable debts. Please
read on for an explanation of dischargeable debts.