A Chapter 7 bankruptcy allows you to discharge most unsecured debts – credit cards, personal loan, lines of credit, medical bills, collections, personal guarantees on business debts, liability for pending lawsuits (breaches of contract), and most IRS …

Protection of Debtor and Creditor Interests. Bankruptcy was originally for the protection of creditors. It was a structured method for creditors to reclaim their debts instead of sending people to debtor’s prison as was the practice under …

Chapter 7 is known as “liquidation” or “straight” bankruptcy.  It is for individuals and businesses. The goal for individuals is to ”discharge” their debts and get a ”fresh start.”  The goal for a businesses is …