________ is a form of bankruptcy in which the debtor's nonexempt property is sold for cash, the cash is distributed to the creditors, and any unpaid debts are discharged.
LIQUIDATION. Property that is not obligated in the loan process is called non exempt property. When a debtor is distributing the cash to the creditors which came from the selling of a nonexempt property is called Liquidation bankruptcy and the debtor is relieved for the debts as they will be discharged.
