Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 7 Bankruptcy?”
If you are considering filing for bankruptcy, chances are you’re in the midst of some serious financial difficulties. No one would consider going through such a process unless they were truly struggling to make ends meet. Those who are experiencing such financial problems likely have taken other steps to shore up their finances before ever getting to the stage of contemplating bankruptcy. That means they may already be receiving other financial assistance, in the form of housing vouchers, disability payments or food stamps. So what does filing bankruptcy do to these other sources of support?