Total bankruptcy filings for May have decreased 11% as compared to the previous year. Many households have reduced spending and businesses are being helped by low-interest rates. However, if you are not so fortunate, filing Chapter 7 bankruptcy or Chapter 13 bankruptcy may be your only option. If so, one of the RGG Law bankruptcy lawyers can help.
If you are filing bankruptcy you can often be given a discharge – where the debtor is released from personal liability for certain specific types of debts. Only individuals may be granted a discharge in Chapter 7 bankruptcy and Chapter 13 bankruptcy cases, not corporations or partnerships. However, if a person files for bankruptcy and dies before the filing is complete then the estate (who is not an individual) may receive a discharge. Keep in mind that a business can file a Chapter 7 bankruptcy and liquidate assets.