| What is a General Bankruptcy Filing? |
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From a correct standpoint the meaning of a chapter BK is the inability of a individuals or organization to pay its creditors. When groups get into a position where they are not able to pay their bills they frequently turn to personal bankruptcy to solve their mistakes. When people files for a BK they must fill out a report to the judge requesting to have their bills wiped away or reset with a repayment plan. The idea with this is to give people and groups a opportunity to have an immediate new slate or the help that they badly need to slowly pay off their debts.
Posted originally: 08/15/2008
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