Chapter 7 Bankruptcy: Giving Up Your Non-exempt Property
When a chapter 7 bankruptcy is filed, the non-exempt property of the debtor id turned over to the trustee to liquidate. A definite Chapter 7 bankruptcy cost is the loss of your property that is sold and the money that is divided among your creditors. When looking at the situation from this viewpoint, filing a chapter 7 Bankruptcy and giving up these assets could be considered a Chapter 7 Bankruptcy cost.