Chapter 7 Bankruptcy

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Chapter 7 Bankruptcy Forms and other Legal Forms topics.

What is Chapter 7 bankruptcy

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a type of bankruptcy that allows a debtor to relieve him or herself of an overwhelming debt load in order to pay off creditors. Chapter 7 is a complete and total liquidation of a debtor's assets in order to pay off their creditors. This is the most common form of bankruptcy for an individual. The downside of filing a Chapter 7 bankruptcy proceeding may be the risk of losing their home and vehicles. However, this type of liquidation will clear a debtor completely out from under the obligation as well.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Legal Forms Tip Site? Request a Tip Now!


Guru Spotlight
Christina Chan