what is the national foundation for consumer credit (nfcc)
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what is chapter 7 bankruptcy?
what is not included in a bankruptcy?

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### 1. What is the National Foundation for Consumer Credit (NFCC)
# Brief Explanations:
The NFCC is a non - profit organization. Its main goal is to promote the financial well - being of consumers. It offers services such as credit counseling, debt management advice, and financial education. Certified credit counselors from the NFCC help individuals manage debt, make budgets, and deal with financial difficulties.
# Answer:
The National Foundation for Consumer Credit (NFCC) is a non - profit organization focused on promoting consumer financial well - being. It provides services like credit counseling, debt management guidance, and financial education, with certified credit counselors to assist individuals in managing debt, budgeting, and addressing financial challenges.

### 2. What is Chapter 7 Bankruptcy?
# Brief Explanations:
Chapter 7 bankruptcy is a type of bankruptcy in the United States. It is also known as "liquidation bankruptcy". In this process, a debtor's non - exempt assets are liquidated (sold) by a trustee. The proceeds from the sale are used to pay off creditors. At the end of the process, most of the debtor's dischargeable debts are eliminated, which means the debtor is no longer legally obligated to pay those debts. However, not all debts are dischargeable, such as most student loans and recent tax debts.
# Answer:
Chapter 7 bankruptcy, or "liquidation bankruptcy" in the US, involves a trustee liquidating a debtor's non - exempt assets to pay creditors. Most dischargeable debts are eliminated at the end, though some debts (e.g., most student loans, recent tax debts) are not dischargeable.

### 3. What is NOT included in a bankruptcy?
# Brief Explanations:
In a bankruptcy, certain debts are not dischargeable. These include most student loans (unless there are extreme hardship circumstances), recent tax debts (usually within the last three years), child support and alimony, debts from fraud or malicious acts, and some court - ordered fines. Also, assets that are exempt (protected by law) from liquidation in bankruptcy are not included in the bankruptcy estate for the purpose of being sold to pay creditors. For example, in many states, a certain amount of equity in a primary residence, personal property like clothing and basic household goods up to a certain value, and retirement accounts are exempt.
# Answer:
In bankruptcy, non - dischargeable debts (e.g., most student loans, recent tax debts, child support/alimony, fraud - related debts, some court fines) and exempt assets (e.g., a certain amount of home equity, basic personal property, retirement accounts) are not included. Non - dischargeable debts remain the debtor's obligation, and exempt assets are not sold to pay creditors.

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1. What is the National Foundation for Consumer Credit (NFCC)

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2. What is Chapter 7 Bankruptcy?