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From a young age, many of us in Westernized American society are led to believe that money is important. We go to school so that one day we may join the workforce and make a living for ourselves. But we are far from independent. We will almost always need some material or product that we do not have. When we need something that another person has in their possession, rather than simply take it from them, we are taught that it is right to offer to make an exchange of possessions. Before money, currency was often simply some product of one’s business, or other possession. For instance, a man who grew potatoes, when he needed a metal piece for his plow, may have exchanged potatoes for that piece. But nowadays, he can simply offer a certain, often predetermined sum of a more universal currency – money. But what happens when you have no money left? You may have taken out a loan that you were later unable to pay back, or your company may have gone out of business. There are many ways that a person can end up without any money and hopelessly in debt, both through irresponsibility and back luck. But in the end, claiming chapter 7 bankruptcy in Tomahawk WI may be your only choice. So what is chapter 7 bankruptcy? The name refers to the chapter of the US bankruptcy code that governs the way liquidation of assets is handled. The procedures and rules listed in the chapter can apply to businesses or individuals, and chapter 7 bankruptcy is the most common form of bankruptcy in the USA. When you, as an individual, file for chapter 7 bankruptcy in Tomahawk WI, for instance, you are declaring that you cannot pay your debts, and need your affairs dealt with. Indeed, you may have been forced by your creditors to file for chapter 7 bankruptcy in Tomahawk WI. A trustee will usually be appointed, and this person will be responsible for selling some of your property to repay some of your debts, among other things. Debts for which you have not yet pledged collateral usually don’t apply, and are simply dissolved, while most secured debts can be repaid one of several ways. However, many kinds of (your) property may be legally exempt from this process, depending on various circumstances. Filing for chapter 7 bankruptcy in Tomahawk WI is a big decision to make, and an even bigger process to undergo. But many insurance companies make chapter 7 bankruptcy in Tomahawk WI one of their areas of practice, and so you may yet be able to find the right guide for the effort ahead.
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