Chapter 7 bankruptcy, also called liquidation, is the most common type of bankruptcy and completely eliminates your dischargeable debts forever. Individuals who qualify for Chapter 7 bankruptcy have proven to the court that they have no realistic way to repay their debt over the course of the next three to five years. Through careful planning with a qualified attorney, a Chapter 7 debtor is legally excused from having to repay any unsecured debts, and most debtors are able to keep all of their assets. Certain debts cannot be cleared through Chapter 7 bankruptcy, such as student loans, child support, alimony, some taxes, and personal injury damages while intoxicated. Typically it takes a total of about four months for a Chapter 7 bankruptcy case to be filed and discharged.
Oftentimes, what might seem like a simple and easy case can have disastrous results if the right questions are not asked by a qualified and experienced bankruptcy attorney. It is very important to use only a qualified and experienced bankruptcy attorney in order to avoid negative results.
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