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This might mean that you aren’t able to get loans or other types of credit, but if you are in financial trouble anyway, you are already facing this problem.
A Chapter 7 bankruptcy will at least give you the opportunity to start building new credit in the future, without the old debts dragging you down financially.
Sometimes, when a company is sold off, it is kept intact or partially intact, and business might proceed as usual, simply with a different person in charge.
Chapter 7 can also be filed by an individual or a married couple and will provide a fresh start in the form of a “discharge” of your debts.
The Means Test is one way that the bankruptcy law determines “abusive filings” in circumstances where some individuals can afford to pay back some or all of their debt over time from their income.
If the law says you don’t qualify for Chapter 7, then you might still opt to file for a Chapter 13 bankruptcy instead.
Even though most other types of unsecured debt (credit cards, medical expenses, personal debts) are canceled, there are some that you will still owe.
This includes child support obligations, most taxes, most student loans and any fines or restitutions that you are responsible for regarding any crime you might have committed.
This might mean that the people who work for you will lose their jobs.
Any assets that are not exempt may be sold off by the Chapter 7 Trustee in order to pay back your creditors.
But most unsecured debts that you owed will be “discharged” (canceled).
So you are going to have to start over when it comes to rebuilding assets and wealth as well.
Another disadvantage is that you are going to have a record of the bankruptcy on your credit report for 10 years.