A Few Things to Know Before Filing for Bankruptcy Under Chapter 7
People who succumb to debt-related troubles tend to pass through recognizable stages along the way. In many cases, a troubled debtor will at first avoid acknowledging the problem even when difficulties keep cropping up. At some point, it will generally become clear that some type of action must be taken. When debts have become especially burdensome and no alternative seems available, filing for Chapter 7 bankruptcy can be the best option of all. A Chance to Start Fresh for Many Troubled Debtors In the distant past, debts used to follow those who incurred them for life unless they were satisfied as originally agreed. Debtors' prisons and other forms of punishment were eventually done away with when it became clear that they contributed very little of positive value. The federal government finally became determined to create legally enshrined options for debtors whose financial situations had deteriorated past the point of no return. Chapter 7 of the federal bankruptcy code