Chapter 7 bankruptcy is also known as liquidation bankruptcy which is suitable for both individuals and businesses. Other 3 popular types of bankruptcies include chapter 11, chapter 13 and chapter 12. Every type of bankruptcy can be utilized for various situations and even for people. You can get relief if you file active bankruptcy cases. They can no longer call you and send letters regarding obligations. When you decide to file for bankruptcy, make sure you are aware of the pros and cons. One major drawback is that the credit score of your client will be affected. That means that even having paid all your debts getting a loan for a company will likely be impossible. In contrast, the biggest advantage is that you will likely get the right to keep your home. Since the law shields your home from creditors, it is an enormous benefit. When you are making a choice about your future, consult your financial or legal advisor to get all the facts. lqhvioojng.