A relative is thinking of filing Chapter 7 bankruptcy. I have read in many sources that the government may sell some of your belongings in this case. I was wondering (from people who know, not from people whom are just guessing) how that process goes down?
If you have been through this before, it would be most appreciated if you noted whether it was before or after they reformed the bankruptcy laws a few years ago.
Okay, so what does or does not have to be listed? For example, does my Uncle’s Toothbrush have to be listed? What about his electric razor? His clothes? His clock radio? Looking around, he has a few things of value (such as a nice stereo) that they would obviously want to know about, but does he have to inventory EVERYTHING in his house?
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