It is not unusual nowadays that many people have more debt than their income can actually fund. Many people have actually thought of filing for bankruptcy because they see it as their last resort to living a debt free life.
Most people who have contemplated Bankruptcy want to know what a Chapter 7 Bankruptcy is and what it entails. Chapter 7 is the single most common bankruptcy chapter filed in the United States. It is the chapter of the Bankruptcy Code that is found in Title 11 of the United States Code. Chapter 7 Bankruptcy, also referred to as liquidation bankruptcy, involves the sale of a debtor’s non-exempt assets by a trustee most likely a Bankruptcy Attorney and then any earnings obtained by the bankruptcy attorney will be sent to the creditor.