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Chapter 7

Under Chapter 7 of the Bankruptcy Code all non-exempt property of the debtor is sold and the proceeds of the same are distributed to the creditors. In most cases where Chapter 7 is brought into force, the debtor has no assets to lose, therefore the fresh start takes place relatively faster. This is an opportunity for a debtor to emerge out of a financial crisis and start afresh. Chapter 7 of the Bankruptcy Code is the way to achieve this end relatively faster.