Chapter 7: This is the most common way to eliminate your debt and we explain how it can help you.
The Bankruptcy laws are broken down into chapters. For instance, there is Chapter 7 (sometimes called “a liquidation bankruptcy”, which is misleading)Chapter 13 (commonly called a “wage earner plan”), Chapter 11 (bankruptcy for huge corporations like airlines and department stores) and Chapter 12 (bankruptcy for a family farmer).
For individuals, married couples and almost all privately owned businesses, Chapter 7 and Chapter 13 are the only two chapters available to most people in need of help. We will begin by explaining Chapter 7 which is easily the most misunderstood type of bankruptcy because the public just does not understand how truly amazing Chapter 7 is in eliminating their debt while allowing them to retain all of their property, including, but not limited to their homes, cars, 401K’s, IRA’s, RV’s, jewelry, furniture, personal property, etc.