Bankruptcy And Debts Blog 4 May 2008


	Bankruptcy And Debts

Bankruptcy And Debts Blog 4 May 2008

4 May 2008

Internet addiction, Debt Elimination

Posted by James Breen at 5/4/2008 1:23:00 AM

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Posted at 1:23 0 comments

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Chapter 7 Bankruptcy involves the selling off (or "liquidation") of a business' property to pay off debts. The bankruptcy process starts when the business files a petition with the bankruptcy court. The petition must list all of the business' property, debts, and recent financial history. The court will then appoint a trustee who will sell off some of the business' property to help pay the business' debts. Some debts will be discharged by the trustee, meaning that the debts will not have to be paid. Other debts are not dischargeable including recent taxes, debts in prior bankruptcy, and penalties payable to the government.

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