Bankruptcy is a procedure that is designed to relieve debt to consumers who have fallen on hard financial times and cannot afford to pay their existing debts.
While there are many types of bankruptcy out there, the most commonplace are chapter 7 bankruptcies and chapter 13 bankruptcies of the bankruptcy code.
Chapter 7 is the most common for the individual. It is the complete erasing of qualifying debt. The debtor is then released from all repayment obligations. But chapter 7 bankruptcies are not to be taken lightly. Read the rest of this entry »