Chapter 7 Bankruptcy

For businesses Chapter 7 bankruptcy is when a business is badly in debt, and unable to attend the debt, or pay the creditors. Chapter 7 Bankruptcy is called a “liquidation” bankruptcy.  People in New York file for Chapter 7 bankruptcy because they simply can’t pay their bills, and are looking for a legal and ethical way to end their debt problems. The purpose of filing a Chapter 7 case is to obtain a discharge of your existing debts – nothing more, and nothing less. When you file for a chapter 7 bankruptcy you can wipe out debt from credit cards, personal loans, medical and dental bills etc. The Chapter 7 trustee can take possession of your property if it's not considered exempt. Some property types you can keep when filing for a Chapter 7 bankruptcy are, automobiles,  a home you live in, household goods and furniture, but all need to be at a certain price to be considered "exempt".