Chapter 7 is actually a "liquidation" bankruptcy that allows filers to help keep some although not all residence. Belongings which might be protected or "exempted" are primarily things essential to keep up a family and employment and usually don't contain a large-worth, income-generating business. *Disclaimer: The content material on https://3-things-to-avoid-when-fi34432.digitollblog.com/29669345/detailed-notes-on-how-will-filing-bankruptcy-affect-my-small-business