The Flying Toga Blog

What is a Chapter 7 Bankruptcy Filing?

What is Chapter 7 bankruptcy? The answer must also include the accompanying feelings of shame, loss, and perhaps guilt at walking away from promises may to creditors to repay a loan. For many, filing bankruptcy brings on so many emotional issues. This can be the reason that one of the requirements for a bankruptcy filing is for the debtor to receive court-approved credit counseling. If the question has been asked “What is chapter 7 bankruptcy and what can it be compared to, the answer is the emotional effects of bankruptcy on a person or a family have often been likened to that of the effects of divorce. Anger, blame, resentment, questioning and deep remorse can often plague those seeking this particular legal process and these feelings can last a very long time.