Who May Be A Debtor For The Purpose of Chapter 7?

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Who May Be A Debtor For The Purpose of Chapter 7?

According to § 109 of the Federal Bankruptcy Code, almost any person may be a debtor under chapter 7 only if such person or entity is not a railroad, financial institution, foreign insurance company, and foreign financial institution. A business that is not a partnership, corporation, or business trust, cannot file a separate bankruptcy petition on its own, but must be filed as an individual bankruptcy under the person’s name (like a sole proprietorship).

By | 2016-11-14T23:35:13+00:00 June 19th, 2010|Bankruptcy Blog, Home Featured|0 Comments

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