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One of the more complex aspects of bankruptcy is choosing between Chapter 7 and Chapter 13. For a little background about deciding whether Chapter 7 might be the right choice for you, take a look at this video.

In a Chapter 7 bankruptcy, you turn over your nonexempt assets to a trustee, who sells them and divides the proceeds among your creditors. Hence, if you have a lot of assets that you would like to keep, this might not be the right type of bankruptcy for you.