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Bankruptcy Forms Cabrillo Commons Paul E Manasian 130855

Bankruptcy Forms Cabrillo Commons Paul E Manasian 130855

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Hi! This is Trevor and today we're doing a quick overview on Bankruptcy. Bankruptcy is a vehicle through the court system that provides protection for debtors from their creditors. Quite often, people who have over-leveraged or for whatever reason are unable to satisfy their debts, are forced to file bankruptcy in order to protect their other assets or their personal situation from recourse from their various creditors. The first type of bankruptcy we're going to talk about is called Chapter 7 or Liquidation. Chapter 7 is a vehicle where the court takes a look at the debtors non-exempt assets (exempt assets being like their personal home and their car) but their non-exempt assets are sold and the proceeds of that sale are used to pay back the creditor. Typically, this gives the borrower a fresh start and is only allowed every 6 years for any individual. Most often, in a Chapter 7 liquidation, all of the debts are extinguished after the bankruptcy process, even if they w

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