There are numerous reasons why one may file Chapter 7 Bankruptcy. However, the most common reasons are loss of income (job), divorce, high medical bills and large amounts of unsecured credit card debt. Sometimes these bills can be too high for a debtor to handle. And often they can be successfully discharged. As long as the individual lives, resides, is domiciled, or has a place of business in the United States they may file Chapter 7 Bankruptcy. |
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The main goal under any filing in bankruptcy is to give one who is burdened with debt a fresh start. A Chapter 7 Bankruptcy is the most common form of bankruptcy filing, accounting for over 65% of all Consumer Bankruptcy filings. A filing under Chapter 7 Bankruptcy is often called liquidation or a straight bankruptcy. Liquidation converts one's assets to money.
Unless one of the parties involved in the bankruptcy objects; the whole process is quite short. Typically some or all of the debts will be discharged within months after the bankruptcy petition is filed by an attorney. While the process sounds simple it can be very complicated.
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Chapter 7 Bankruptcy Articles 3/16/2005 |
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