Bankruptcy Lawyer Bryan W. Stone answers the question “What is Chapter 7 Bankruptcy?”
Most people are familiar with the basic outlines of the bankruptcy process: debtor files for bankruptcy protection, debts are either forgiven or restructured, creditors are given a chance to offer input, bankruptcy is discharged. Though this is how many such bankruptcies go, it isn’t always the case. In fact, when most people think of bankruptcy they are often talking about the voluntary bankruptcy approach, not realizing that there’s another option known as involuntary bankruptcy. To find out more about the involuntary bankruptcy process, keep reading.