0 What is chapter 7

Bankruptcy is a process in which a debtor who has a financial hardship to pay its debts declared bankrupt by a court, commercial court in this case, because the debtor is unable to pay its debts. Debtor's property can be distributed to the creditors in accordance with the laws of the government.

Bankruptcy law is a process designed to allow an individual or business in paying off all their debts when they are trapped because they can not fulfill its obligations. There are many bankruptcy laws that exist. The debtor is free to choose any type according to the number, type of debt and debt needs. and debtors start thinking in terms of Chapter 7 and filing for bankruptcy.

So, what is chapter 7? Chapter 7 is one of the chapters that contain governing bankruptcy liquidation of assets, which may keep certain property protected as a vehicle for every licensed driver, boat, house, furniture, clothing, family pets, furs, jewelry, electronic equipment, books, art, collectibles, firearms, hobby equipment, and insurance policies.

In Chapter 7 bankruptcy almost all of your debt will be removed and you have the opportunity to start a business and the things of life again. You will need to rebuild your credit reputation. You can find one of the best sources of information to get the best lawyers and attorneys in filing bankruptcy in New York to find out what is chapter 7. So do not ever hesitate to get our services.

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