Chapter 7 Bankruptcy: What You Must Know
November 15, 2010 6:41 am LegalThe most common form of bankruptcy filings is under Chapter 7 Chicago Bankruptcy Code. Filing for Chapter 7 results to all your financial obligations being discharged, at the quickest time possible. But a person with a Chapter 7 petition must expect to part with some of his properties because the Court dictates that assets shall be sold and the money disbursed among creditors.
The process could leave the person with very little possessions, which is the downside of having debt relief via Chapter 7. Additionally, bankruptcy will be reflected in your personal credit rating for the next 10 years.
