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Why do people file Chapter 7 bankruptcy?

April 26, 2017Bankruptcy chapter 7 file people

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Why do people file Chapter 7 bankruptcy?

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Generally speaking, people who file Chapter 7 bankruptcy have large amounts of unsecured debts such as credit cards or medical bills that they are no longer able to pay. Unemployment, unexpected medical expenses, or divorce may also prompt a person to file Chapter 7 bankruptcy.