A Chapter 7 bankruptcy is one option for debtors who are overwhelmed by debt and cannot pay their bills without legal intervention. Although Chapter 7 is one of the most common forms of bankruptcy for individuals, it is not necessarily the best choice, and it has serious consequences. A debtor will want to consult with a bankruptcy lawyer prior to filing for any bankruptcy to ensure they are choosing the option best for their situation. Chapter 7 Qualifications A bankruptcy under Chapter 7 is open to any individual or business, although it is usually used by individuals. There are no debt limits or requirements based on solvency. There are, however, certain requirements related to the filing of previous bankruptcies, and the debtor is usually required to receive credit counseling prior to filing. A person will likely choose to file under Chapter 7 if they have limited income or no reliable means of repaying their current debt.
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