Who Can File For A Chapter 7 Bankruptcy?
The reverse of this question would be more appropriate to answer. Debtors engaged in business would usually not like the prospects of liquidation and Chapter 11 might be a better option for such individuals associated with corporations and partnerships. Also, individuals with regular income if in a debt situation would be better suited to file a Chapter 13 bankruptcy.
Also, any person who has been granted a Chapter 7 discharge (or completed a Chapter 13 plan) within the last 8 years, cannot file for a Chapter 7 bankruptcy plan.
More Help on Who Can File For A Chapter 7 Bankruptcy?
- How Does Chapter 7 Bankruptcy Work? - Under Chapter 7 Bankruptcy, the debtor receives a discharge on all dischargeable debts. There are 19 general classes of debt that are discharged under Chapter 7 Bankruptcy. - read more
- How much does Chapter 7 bankruptcy cost? - One of the most expense costs of filing a personal bankruptcy is hiring a bankruptcy lawyer. If you have a simple no-asset case you may be able to do it without the assistance of a bankruptcy attorney, but most filers will need legal assistance.
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