Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a straight discharge of all eligible debts. It is not a payment plan. As in any bankruptcy filing, all assets and creditors are presented and listed. Unless people have significant assets, they will likely keep all of their property through the application of exemptions. Any non-exempt assets are used to pay creditors. After filing the necessary documents and one brief meeting before a bankruptcy trustee, you can be free of most debts.