Chapter 7 is commonly referred to as a "liquidation bankruptcy," although most people will not end up liquidating anything. Chapter 7 also happens to be the most common type of bankruptcy filed by individuals, with more than three-quarters of all bankruptcies filed being a Chapter 7.
Common reasons why people file for Chapter 7 bankruptcy relief include:
- Credit Card Debt;
- Medical Debt;
- To Stop a Lawsuit; and
- To Stop a Wage Garnishment or Bank Levy.
There are many types of debt that are non-dischargeable in a Chapter 7, so call us today at (916) 277-8407 to see if you are eligible for Chapter 7 relief.