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Bankruptcy
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Be A 10 Year Mistake!
Chapter 7
Chapter 7 bankruptcy or "straight bankruptcy" requires the debtor to liquidate all non exempt assets to pay off their creditors in order of precedence. This form is generally used by those who lack sufficient income to cover outstanding debts after taking care of basic necessities. This is the most popular form because it allows the debtor to wipe the slate clean and get a fresh start. There are however, certain obligations that are not dischargeable, for example:
Alimony and child support
Back taxes and student loans
Recently made purchases for substantial amounts
Property executed contracts involving titles or liens
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Did you
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Before considering this drastic step you should take an inventory of the types of debt owed. This form of bankruptcy should be considered a option of last resort after all other avenues have been pursued. Keep in mind bankruptcy either chapter 7 or chapter 13 doesn't come without some long term consequences.
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