I am kind of in shock right now. I just found out that a very well to do couple that I know is filing chapter 7 bankruptcy. I am not quite sure what chapter 7 means cause I have never known anyone to declare bankruptcy.
Can anyone enlighten me about chapter 7?
Kind of in shock!!
October 9th, 2008 at 05:04 pm
October 9th, 2008 at 05:21 pm 1223569274
I think chapter 11 or 13 is where you go on a payment plan to pay at least some of your debt. You are required by law to get rid of luxuries such as cable (maybe even internet) and stick to a strict budget.
October 9th, 2008 at 05:36 pm 1223570212
October 9th, 2008 at 06:02 pm 1223571720