Chapter 7 Bankruptcy
What is Chapter Seven bankruptcy? This is also known as the straight bankruptcy or liquidation. This is used when you no longer have the capacity to settle your debts from the income you have.
The is a whole variety of reasons why you are unable to the pay your debts the most common being that you have lost your employment, the business is not doing so well, you have recently had to pay high medical bills etc.
Individuals as well as businesses can use chapter 7 bankruptcy and the reason …