What is Chapter 7 Bankruptcy?

This entry is part 1 of 10 in the series Chapter 7 FAQs Chapter 7 is a type of bankruptcy that offers individuals a fresh financial start by discharging many unsecured debts (such as credit card debt, medical debt and more). Chapter 7 is sometimes referred to as the...
Can a Business File for Chapter 7?

Can a Business File for Chapter 7?

This entry is part 2 of 10 in the series Chapter 7 FAQsYes. Businesses can also file for Chapter 7 bankruptcy relief. A corporation does not receive a discharge but the business can shut down, turn over its records to a bankruptcy trustee and not have to deal with...
What is the Bankruptcy Automatic Stay?

What is the Bankruptcy Automatic Stay?

This entry is part 3 of 10 in the series Chapter 7 FAQsThe bankruptcy automatic stay is one of the first protections offered to those who file for bankruptcy. The automatic stay takes effect as soon as the initial paperwork in a bankruptcy case has been filed. It is...
What Does the Automatic Stay Stop?

What Does the Automatic Stay Stop?

This entry is part 4 of 10 in the series Chapter 7 FAQsGenerally speaking, the automatic stay stops foreclosures, repossessions, lawsuits, wage garnishments, and tax levies. It does not stop criminal proceedings or legal actions against you for support (such as child...