Chapter 7
Chapter 7 is a type of bankruptcy filing for both consumers and businesses. Chapter 7 is what people commonly think of when someone says Bankruptcy. It is a liquidation of all or part of the debts owed by the Debtor. Chapter 7 provides relief from most unsecured debt including credit cards and medical bills. There are some exceptions to what will not be wiped out or discharged in a Chapter 7 Bankruptcy, but a Bankruptcy Attorney will be able to advise each person on their individual circumstances. A Chapter 7 bankruptcy must include all the debts that you owe regardless if you want to continue paying on the debt or not. It is even possible to keep your house and your vehicles when filing a Chapter 7 Bankruptcy. A bankruptcy Attorney will be able to advise you of the ramifications of filing bankruptcy under Chapter 7
