The Four Facts Everyone Should Know About Chapter 7 Bankruptcy

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The filing of 381,217 Chapter 7 bankruptcy cases totaled 70.2 percent for the total bankruptcy cases that were filed during the last year. In the event that you choose to file chapter 7 bankruptcy, it’s recommended to consult an experienced chapter 7 attorney to help you through the process.
It is possible that you are unaware of the specific debts which can be erased or any errors made in the filing that may cause your application rejection. You can use PACER to find bankruptcy applications.
In accordance with bankruptcy law, it’s a legal procedure that requires the aid of the court to eliminate the majority of financial debt. Both individuals and businesses that cannot pay their debts can apply for bankruptcy.
Not all debts are suitable for repayment. Chapter 7 and student loans cannot be erased. Taxes on back, alimony, and child support is not eligible. You may also look up bankruptcy files through the Multi-Court Voice Case Information System (McVCIS) though that can take a long time.