The most common form of personal bankruptcy is Chapter 7 bankruptcy
which refers to a chapter of the federal Bankruptcy Code. Chapter 7
bankruptcy, otherwise known as "liquidation" bankruptcy, cancels
debts. Under this section of the Code, the bankruptcy trustee may sell
off some of your property for the benefit of your creditors.
For more information, please visit:
http://www.kevingleasonlaw.com/bankruptcy/FL-Chapter-7-Bankruptcy-faqs/