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Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. There are several chapters of bankruptcy, but the two most common are Chapter 7 and Chapter 13. Chapter 7 Bankruptcy is a liquidation proceeding in which the debtor turns over all non-exempt property to a trustee who then converts it to cash for distribution to creditors. In exchange, the debtor receives a discharge of his or her liability for certain dischargeable debts. A business that files for Chapter 7 bankruptcy will immediately cease operations unless it has permission from the court to continue during its reorganization. To determine whether bankruptcy is right for you, it is important to first understand the various types of bankruptcy available and which best fits your financial situation from capable bankruptcy lawyers in Wilmington, Delaware. To know more on this call Law Office of Steven J. Stirparo at (302) 479-9555 today.