Chapter 7
Bankruptcy

A Chapter 7 bankruptcy, also known as a "Straight Bankruptcy"
or a "Liquidation Bankruptcy" allows you to discharge your
debts. What does "discharge" mean? Quite simply, it means that
you can get rid of your debts, not pay them back and keep
almost everything you own as per state exemptions. Often you
will have to pay back very little and keep all of your
property. A Chapter 7 Bankruptcy, in most instances, gives a
family a chance to start over again without the burden of
bills. A Chapter 7 allows you to have a clean slate and even
buy property again.
To fully
understand Chapter 7 Bankruptcy, you need to be well
informed. It was created so that people in sever
financial hardship would not have to suffer forever.
It gives them the opportunity to obtain a clean slate
and start over and build a credit history they
deserve.
Not everyone qualifies for a Chapter 7
Bankruptcy, you must pass the "Means
Test."
If you do not qualify for
a Chapter 7 Bankruptcy, all hope is not lost. A Chapter 13
Bankruptcy (Court Ordered Payment Plan) is still a viable
option. A Chapter 13 Bankruptcy can still make your life
much better than it is right now if you are behind on
payments, being harassed by debt collectors, and worried
about your financial future.
|