What is Chapter 7 bankruptcy?
Chapter 7 is the bankruptcy provision most frequently used by individuals. Those who reside in, or own property or a business in, the United States can file for Chapter 7 bankruptcy. Chapter 7 involves the complete liquidation of a debtor’s property to pay creditors and wipe out remaining debts, giving the debtor what’s known as a fresh start. It’s important to know that Chapter 7 bankruptcy will stay on a person’s credit report for ten years. However, it is likely that if you believe you need to file for bankruptcy, your credit has already been affected by your high debt.→ Read More