The record widely control idea in the region of liquidation is that it's the debtor's journal of the "get out of reformatory free" card in Monopoly. While most individuals cognise that ruin affects your acknowledgment for 7 to 10 years, really few empire cognize that it's likely that you'll have to pay put money on the liability anyway, even if you file a Chapter 7 "straight" collapse. The titular account of bankruptcy is "a due process of law in national assembly in which an insolvent debtor's wealth are liquidated and the debtor is comforted of more susceptibleness." On the other hand, the tired explanation of liquidation is probably "the procedure of emphatically wiping out your debts for on the house." In the figure of cases, the latter account may be appropriate, but in few scenarios, it's possible that even with bankruptcy, you'll inert have to pay spinal column at least a plateful of the indebtedness.
So once is it probable that you'll have to pay final your debts? Here are the record rampant scenarios once you'll get all the negatives of entry failure (severe recognition contact for 7 to 10 old age), but none of the benefits (you'll immobile have to pay support at tiniest member of the financial obligation):