For this assignment, you were to respond to the questions regarding bankruptcy. I was looking for you to explain the difference between the different bankruptcies explanation as to why are these...

Bankruptcy
 Who can file Chapter 7 bankruptcy?
An individual can file for bankruptcy if they meet chapter 7 requirements. Also, an
individual may be a debtor under chapter7 if he/she, within 180 days of filing, been
receiving credit counseling from a credit agency in an individual or group briefing. A
bankruptcy judge can convert the case to chapter 13 repayment plans if the individual is
capable of paying the debt.
 What are some reasons that people file bankruptcy?
1. Medical bills
Sixty-two percent of people file bankruptcy for medical bills (Smith, n.d.).
2. Job loss
If people lose their jobs or there’s’ been a cut of overtime they won’t be able to
pay their bills.
3. Bill collectors
If bill collectors call a million times a day, at work, at home and the neighbor’s
house, people file for bankruptcy just to get some peace.
4. Garnishments
If people paycheck drop from $500 to $130 they will run straight to a bankruptcy
lawyer to feed their family.
5. Credit...