File Chapter 7 Bankruptcy

What is filing for Chapter 7 bankruptcy?

Chapter 7 is what most people think of when they are referring to filing for personal bankruptcy. It’s sometimes called ‘regular’ bankruptcy.

What is the purpose of Chapter 7 bankruptcy?

Some prominent authors claim one of the major purposes of Chapter 7 is to give a debtor a “fresh start” by discharging at least some of his unsecured debts.

Do only people file Chapter 7 bankruptcy?

Companies can file for Chapter 7 too- however, it usually means a liquidation of the business. This is in comparison to companies who file Chapter 11. Chapter 11 is meant for businesses who want design a plan of reorganization.

The equivalent of Chapter 11 for people is supposedly Chapter 13. Debtors filing for Chapter 13 bankruptcy often must design repayment plans to eventually pay back debts.

Also, here is a tremendous background post on filing chapter 7 bankruptcy:

http://www.chapter7.com/chapter-7-bankruptcy-faqs/

It’s got a lot of detail & there is a lot of really good content there.

Probably one of the best posts we’ve seen on Chapter 7.

Read it now!

More Chapter 7 articles coming in the next few weeks.

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And, let’s continue our linkings out to our new bankruptcy listings pages!

Here are 3 more links to some of the local bankruptcy lawyers.

Today we are focusing on the Carolinas and Chicago.

Here are the pages to help you find a Bankruptcy Lawyer in Columbia South Carolina a Bankruptcy Lawyer in Charlotte North Carolina, and a listing of Chicago Bankruptcy Lawyers.

The listings will be being update in a few weeks as we add to the database.

It’s still a work in progress, but it’s almost done..!

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