Chapter 7

Chapter 7 bankruptcy is commonly known as “fresh start” bankruptcy.

In a Chapter 7 bankruptcy case, an individual can receive a discharge of all or most of his debts, while being allowed to keep whatever property he has. Now there are some exceptions to the general rule. For example, debts for student loans, recent taxes, child support, maintenance awards and debts incurred through fraud are not eliminated. There are restrictions and qualifications for filing Chapter 7 bankruptcy.

Be sure to consult with an experienced bankruptcy attorney to learn more.