Chapter 7 Bankruptcy

Explanation: A bankruptcy filing that allows an individual's debt load to be wiped clean.

Our Thoughts: Chapter 7 Bankruptcy is disastrous for a person's credit rating. Any future credit cards will be offered at high rates, if at all, for someone who has declared Chapter 7 Bankruptcy.

Related Terms:
Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Debt, Debt Consolidation
Synonyms:
Bankruptcy