Being unable to pay your bills is never a good place to be. The stresses that accompany the uncertainty of your financial well-being can become overwhelming. If you are in this situation, you may want to consider filing for a Chapter 7 bankruptcy. Knowing some of the most common reasons to file for this status may motivate you to begin the process immediately and get rid of debt you can't pay.
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When a person no longer has the money to pay back creditors and will likely not be able to get enough money to pay back creditors, then it might be best for that person to file Chapter 7 bankruptcy. When a person files for this type of bankruptcy, all of the possessions that he or she owns, minus the possessions that are exempt under federal or state law, are listed and then liquidated in order to pay the creditors back as much as he or she can.
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