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Chapter 7 bankruptcy, individuals or businesses must meet specific eligibility criteria. The means test is a crucial component in determining eligibility. This test evaluates the debtor's income, expenses, and ability to repay creditors. If an individual's income falls below the state median or if they do not have sufficient disposable income, they may qualify for Chapter 7.Chapter 7 bankruptcy case, a trustee is appointed to oversee the liquidation process. The trustee's primary responsibility is to review the debtor's financial situation, identify non-exempt assets, and sell those assets to generate funds for creditors. However, it's important to note that certain assets may be exempt under federal or state law, allowing debtors to retain essential belongings.Chapter 7 bankruptcy is the discharge of qualifying debts. Once the liquidation process is complete, the debtor receives a discharge order, releasing them from personal liability for certain debts. Debts commonly discharged in Chapter 7 include credit card balances, medical bills, and unsecured loans.
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