Chapter 7 Bankruptcy

Anyone that has done a little research on Bankruptcy comes away with information that Chapter 7 Bankruptcy is a ” Liquidation” proceeding that eliminates certain types of debt permanently. But what does that actually mean?

The easiest way that I’ve found to begin the decision making process is using your hands. If you throw yours hands in the air in frustration and despair thinking “I give up. I owe so much money to so many different creditors, it’s not likely that I’ll ever be able to pay them back”, then you’re thinking Chapter 7.

The second step is to determine if you qualify.