The Bankruptcy Code Regulates Chapter 7
May 31st, 2010
Bankruptcy websites provide a good look at what is necessary to file for chapter 7 protection with the Federal government. The new Bankruptcy code that regulates chapter 7 filings allows those who claim financial ruin to retain some personal property, such as a residence. All other assets are required to be liquidated and used to pay off any creditors as far as it will go. Many elected officials see this as another injustice to families who operate on the border of poverty as it is. The second chance that chapter 7 was meant to provide can instead be a death blow to many families’ financial futures.
Entry Filed under: Legal