Chapter 7 bankruptcy or "straight bankruptcy" is the most popular form of bankruptcy because it allows the debtor to "wipe the slate clean" and start fresh. Chapter 7 bankruptcy is available to individuals and couples. The bankruptcy is normally completed within 3 ½ to 4 months after filing. Once a debt is discharged, it is eliminated and you never have to pay that debt again! Most debtors who file Chapter 7 bankruptcy can keep most of their exempt property.

Chapter 7 bankruptcy is generally used by debtors who lack sufficient income to cover their outstanding debts after taking care of their basic living expenses, and who have no hope of ever repaying their creditors. Chapter 7 bankruptcy is often used to eliminate debts such as credit card bills, payday loans, medical bills, repossessions, and personal loans. Chapter 7 bankruptcy is the most common form of bankruptcy. Approximately two-thirds of all bankruptcies filed are Chapter 7 bankruptcies. Chapter 7 bankruptcy is often used by folks who have become overwhelmed by their debts. This can often occur when someone becomes unemployed, gets divorced, or becomes burdened by large medical bills. Once you file Chapter 7 bankruptcy, you can begin to rebuild your life without worrying that your wages will be garnished, your bank account attached, or your property seized. The creditors cannot call you at work, threaten you or harass you. Remember that the bankruptcy laws were designed to help you. You don’t have to allow creditors and collection agencies to take away from you everything you’ve worked for all your life!

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.