Chapter 7 Bankruptcy
Authored By: South Carolina Bar Association
Chapter 7 refers to straight or liquidated bankruptcy. Under Chapter 7, a debtor (or husband and wife debtors) files a petition for relief, which automatically entitles the debtor to a court order protecting the debtor from the people or businesses to whom he owes money, who are called "creditors."
Link: www.scbar.org
Last Review and Update: Mar 31, 2021
