Explaining the best and worst sides of each bankruptcy Chapter

Chapter 7 Best aspects It brings instant debt relief, means the debtor receives a full discharge on all debts. The bankruptcy under Chapter 7 allows keeping some property (a cheap car, clothing, and other personal stuff), so the debtor is not left with nothing in his hands. Chapter 7 is the easiest to apply andContinue reading

All about Chapter 9 bankruptcy

Chapter 9 bankruptcy stands out of a crowd as it is designed only for municipalities. If the certain municipality faces financial hardship and is unable to meet its obligations, such municipality may file for bankruptcy under the Chapter 9. The reason for filing for bankruptcy is to become protected from the municipality’s creditors and theirContinue reading

Bankruptcy Chapters and their main features

Bankruptcy is a legal process of debt relief that allows individuals or business entities cancel or reorganize their financial obligations. Many see bankruptcy as a non-acceptable or even dreadful solution due to social and financial complications it leads to. However, for the majority of desperate debtors, bankruptcy may become the only reasonable way of gettingContinue reading