Chapter 7 Bankruptcy Definition
A chapter 7 bankruptcy is not a plan it is a discharge of unsecured debts. Unsecured debts are credit cards, medical bills, broken apartment leases, cars that have been reposed, damage form a car accident in which you have no insurance unless you were drinking, over drawn checking accounts, some IRS debts, and a home that you no longer want or can’t afford. Once the chapter 7 is file you will never again have to make any kind of payment to any of these creditors, and when the bankruptcy falls off your credit it will take all of these bad things with it.
When the bankruptcy laws changed a few years ago they make it harder to be able to file the chapter 7 but it works the same as it did before the changes were made.
If there has been a change in your income it might be time to visit with a bankruptcy attorney to see if the chapter 7 will help you to be able to put an end to bad credit and allow to have a fresh start.
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