Chapter 7 bankruptcy protection:

The most common form of bankruptcy relief is Chapter 7 Bankruptcy Protection. Chapter 7 is the straightforward way to eliminate all or most of your debt. If it is clear that you have no hope of shedding the weight of oppressive debt, you may consider Chapter 7 relief. In many cases, the Chapter 7 bankruptcy code allows you to retain certain property like your home and your car.

You may consider Chapter 7 Bankruptcy Protection if

  • Your total expenses exceed your total income
  • You wish to retain your home and/or car
  • You are saddled with credit card debt
  • You cannot pay your medical bills
  • You have outstanding legal and/or personal debts
  • You do not own expensive luxury items or have investments
  • There is no hope of possibly repaying your debts

A business may also consider Chapter 7 if:

  • You intend to cease business and discontinue operations

If your company wishes to reorganize see Chapter 13

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