A sole proprietor usually utilizes Chapter 7 after a business closure (but not always—far more under). The reward to your filer can be substantial simply because Chapter 7 will discharge (erase) the two qualifying business and private debts, therefore genuinely giving the debtor a cl

Chapter 7 bankruptcy discharges the filer’s own obligation to pay for the secured financial debt, but it surely doesn’t erase the lien against the residence alone. Even though there’s no own liability to pay back again a car bank loan, the automobile alone remains secur

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