Various options are available for individuals with respect to bankruptcy e.g. bankruptcy under Chapter 7 and/or Chapter 13. Often called a straight bankruptcy or Liquidation Bankruptcy, Chapter 7 bankruptcy can be filed by the individuals. However, not all but only the individuals that are married or married but filing singly or independently can do so. A troubled business too can file for bankruptcy under Chapter 7 when it is badly indebted and unable to pay the debt to its creditors.
Thus, governing the process of liquidation under the bankruptcy laws of the USA, Chapter 7 of the Title 11 of the United States Code i.e. Bankruptcy Code intends to protect indebted individuals and companies. The bankruptcy is bit different from other bankruptcies under Chapters 11 and 13 which govern the process of reorganization of a debtor. Individuals often feel troubled when they are asked to file for bankruptcy and for that reason they hire bankruptcy attorneys or law firms.
Apart from being a time consuming process, bankruptcy filing is a complex job that requires the knowledge of nitty-gritty of bankruptcy laws. At times it takes up to 4 months to file bankruptcy under Chapter 7; in such a situation an individual who does not have time has the only choice to hire an attorney. Additionally, an individual should know that there are certain requirements which have to be fulfilled in order to qualify for bankruptcy filing.
The government puts certain restrictions on the number of times a person can file for bankruptcy; for instance, it can be filed only after the completion of 8 years and not before. The restriction intends to discourage individual from misusing the law. Individuals living in Fort Bend county can nevertheless hire Fort Bend bankruptcy lawyer who will tell them when and how to file bankruptcy under Chapter 7 and what are the chances of it being accepted.