Chapter 7 Bankruptcy
What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a legal process that allows individuals or businesses to discharge most of their debts by selling off assets to pay creditors. This type of bankruptcy offers a fresh start to those overwhelmed by debt and unable to repay it.
What are the types of Chapter 7 bankruptcy?
There is only one type of Chapter 7 bankruptcy, which is the standard liquidation bankruptcy. In this type, the debtor's assets are sold off to pay creditors, and any remaining debts are discharged. It is a common choice for individuals and businesses seeking to eliminate overwhelming debt.
How to complete Chapter 7 bankruptcy
Completing Chapter 7 bankruptcy involves several steps to successfully discharge your debts and get a fresh financial start. Here are the key steps to complete Chapter 7 bankruptcy:
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