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I hear about all these different kinds of bankruptcies. Whats a Chapter 7 bankruptcy?

April 26, 2017bankruptcies Bankruptcy chapter 7 different hear

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I hear about all these different kinds of bankruptcies. Whats a Chapter 7 bankruptcy?

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A Chapter 7 bankruptcy is where you ask the court to discharge (get rid of) all of your unsecured debt (like credit cards) because you simply don’t have the money to pay them. If after paying your monthly rent or mortgage, car payment, utilities, food, gasoline, and other regular monthly expenses, you have no money left over for any payment to the credit card companies, then Chapter 7 may be the solution for you.