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What are some common reasons for filing a Chapter 7 Bankruptcy?

April 26, 2017Bankruptcy chapter 7 common filing reasons

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What are some common reasons for filing a Chapter 7 Bankruptcy?

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The most common reasons for filing a Chapter 7 (liquidation) bankruptcy are: divorces with extensive credit, extended period of unemployment, large medical expenses, extended period of disability, over extended consumer credit, large amount of unexpected expenses and business losses.

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The main reason to file for Chapter 7 Bankruptcy are if you find yourself behind the 8 ball and unable to pay your bills due to unemployment, high medical expenses, over-extended credit, marital problems or other large unexpected expenses.