Chapter 7 Bankruptcy for people with limited income

MO-13-01-00-00

Definition
This category concerns the process and consequences of filing for Chapter 7 Bankruptcy, which is an option for individuals whose income is below certain requirements. Chapter 7 bankruptcy liquidates general debts (from credit cards and medical bills) without the need to pay them back. It is typically only available to people with low-income or little/no assets.
Mapped to other Taxonomies