Chapter 7 bankruptcy is the most common form of bankruptcy filed within the United States. This type of bankruptcy may be claimed by both businesses and individuals. A business will typically want to file a Chapter 7 when their business is failing, debt has massively accrued and there is no longer any foreseeable way of being able to pay off their outstanding creditors without liquidating assets. If this should be the case, it is wise for business owners to hire on a chapter 7 bankruptcy lawyer to help see them through the legal process.

A chapter 7 bankruptcy attorney can represent both businesses and individual clients who find themselves in financial straits. A chapter 7 bankruptcy lawyer will walk you through the filing process for this type of bankruptcy which is often referred to as a “straight bankruptcy”. A Chapter 7 filing requires liquidation proceedings of all non-exempt personal holdings. The assets are sold and converted to cash in order to pay creditors. The debtor in turn receives a discharge of their debt once the case is settled, allowing him a brand new fresh start, free of debt. A chapter 7 bankruptcy attorney can help handle your case and answer any questions you might have about the process.