The Chapter 7 Bankruptcy


The Chapter 7 Bankruptcy

Discharge of debt. The basic premise behind Chapter 7 is that the debtor is deeply insolvent and wants to gain a discharge of debts. Most Chapter 7 debtors today are primarily concerned with credit card debts. It is not uncommon to see Chapter 7 cases for individuals that have credit card debts exceeding their annual income, sometimes double or even triple what their annual income may happen to be. For such an individual, Chapter 7 holds out the promise of gaining relief from those debts.

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By | 2012-10-09T06:09:18+00:00 October 9th, 2012|bankruptcy-faq, Financial|0 Comments

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