Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Chapter 7 (businesses and individuals) Bankruptcy is:? - Chapter 7 (businesses and individuals) Bankruptcy is: <br /> <br /> <br /> <br />A. Liquidation of all assets and paying off creditors (who all share in the losses, usually substantial) <br /> <br />B. Complete forgiveness of all debts <br /> <br />C. Temporary relief from creditors for a period of time while reorganization or rehabilitation takes place (creditors usually take some losses) -
