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| *The Commerce Journal>>>Other - Business & Finance |
What is chapter 7 bankruptcy? |
one of my customers filed for chapter seven. Now what? Hope this will help you to know what is chapter 7 bankruptcy? Thanks for the info Autumn. Looks like I'm out some $ Report It It is a corporate bankruptcy in which the entire debt is discharged with no repayment and all corporate assets are forfeited. Chapter 7 is for individuals. Not all debt is forgiven (Student loans, Taxes and some other secured debt). If you have equity in some of your assets, the bankruptcy judge can make you liquidate it to pay some of the debt. |
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