Answers to today's legal questions through blogs and articles

Tag: Chapter 7

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is generally filed to eliminate unsecure debt. A corporation, married couple, partnership or an individual can file for this type of bankruptcy. It typically discharges debts such as medical bills, personal loans and credit cards. In some cases, even though the Chapter 7 will free an individual from their debts, there are some types of property that they may be able to keep. They will just have to make arrangements which will reaffirm the debt. For most people the main reason for filing a Chapter 7 is to get rid of their debts while keeping most of their belongings including vehicles and homes.