Chapter 7 Bankruptcy is frequently referred to as a “straight” bankruptcy or a “liquidation”. In this chapter, most of the debtor’s property or assets are normally protected by law. The principle advantage is that the debtor comes out without any type of future obligations on his discharged debts. Liens and mortgages generally does not get wiped out by bankruptcy. Within the chapters of the Bankruptcy Code chapter 11 is by far the most complicated. This is a chapter used by large businesses to reorganize their debts and continue operating. However, corporations, partnerships, and limited liability companies cannot use chapter 13 if they decide to cease business operations and reorganize if chapter 7 has been filed. Finally, when proceeding
