If you are researching the possibility of filing for chapter 7 bankruptcy (or conducting research on behalf of a relative or friend), then you may have already discovered that the line between fact and opinion can be quite blurry — especially on the web.
To help you get the information you need to make a safe and smart decision, here are clear, factual answers to 5 common questions regarding chapter 7 bankruptcy:
Question: Is filing for chapter 7 bankruptcy better or worse than filing for other types of bankruptcy?
Answer: This question cannot be answered without looking at each individual’s debt situation and available options. Generally speaking, however, many debtors who are eligible for chapter 7 bankruptcy choose this option, because it essentially erases most (and typically all) of their debt. Furthermore, chapter 7 bankruptcy filings are much simpler than other types, because there is no structured repayment plan that must be submitted to creditors for approval.