Chapter 7 bankruptcy is a federal procedure that, if you qualify, allows you to eliminate some or all of your debts. Most debt is dischargeable under Chapter 7, although there are a few exceptions. In the vast majority of Chapter 7 cases, the debtors keep all of their personal property, such as cars, household goods, furnishings, retirement accounts, personal items, etc. Moreover, it is often possible for debtors to keep their home.

One of the major advantages of Chapter 7 is that the process is short. Most Chapter 7 cases take about four months from the time that you file until you receive your discharge of debt. Thus, Chapter 7 gives you the opportunity to get a fresh financial start in a relatively brief period. >>More

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