What Is A Chapter 7?

Bankruptcy is a legal status that says that a consumer does not have the ability to pay back his or her debt. There are several chapters of bankruptcy that have different stipulations for the debtor. Chapter 7 is the most popular of chapters because once it is ruled the debtor will not have to pay back any of his or her creditors for loans or funds.

There are certain rules involved with filing for a chapter 7 bankruptcy. It is a very good idea to contact a chapter 7 bankruptcy Jacksonville to find out if one qualifies to file. Certain income requirements must be met as well as certain job situations.

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