This article should clarify some things on when you can file for bankruptcy chapter 7. If you are considering this, its imperative that you know and understand your legal rights.
Chapter 7 bankruptcy (which is also called liquidation bankruptcy) is when creditors are allowed (by law) to take all or most of your assets to pay for debts. The lenders will often hold a liquidation event if the assets are worth a considerable amount of money. There certain assets they can and cannot take. This will be clearly defined in your bankruptcy
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