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Chapter 7 Relief Is Available to Both Individuals and Businesses

Chapter 7 bankruptcies, also called “straight bankruptcies,” are the most common form chosen by individual consumers. In a Chapter 7 consumer bankruptcy, the individual debtor’s estate is liquidated and the assets are distributed to creditors. Partnerships, sole proprietorships and corporations are also eligible to file under Chapter 7. However, unlike individuals, these business entities are … Continue reading Chapter 7 Relief Is Available to Both Individuals and Businesses