[GRAPHIC: www.MaidaLawFirm.com, MAIDA LAW FIRM, A PROFESSIONAL CORPORATION, 1-409-291-5117, Principal Office, 4320 Calder Avenue, Beaumont, Texas 77706, 713-987-3910, Houston Office (Wedge Tower), 1415 Louisiana, Suite 1575, Houston, TX 77002]
FRANK J.MAIDA: Chapter 7 is the type of bankruptcy where you're discharging your unsecured debts. And you're also discharging the debts where you're surrendering the collateral.
It's a fresh start. It's the type of bankruptcy that you are involved in only for about a four- to five- month period. Once you file the case a trustee is appointed. That trustee's job is to examine your petition, see what you've exempted and what property you have that you could not exempt. It's his job to liquidate those assets and fund the unsecured creditors.
[GRAPHIC: www.MaidaLawFirm.com, MAIDA LAW FIRM, A PROFESSIONAL CORPORATION, 1-409-291-5117, Principal Office, 4320 Calder Avenue, Beaumont, Texas 77706, 713-987-3910, Houston Office (Wedge Tower), 1415 Louisiana, Suite 1575, Houston, TX 77002]
