Full Bankruptcy

What is Bankruptcy?

There are two types of consumer bankruptcy. Each is intended to help consumers in financial crisis, but the solutions offered are very different.

Chapter 7 bankruptcy, or liquidation, is more common. Chapter 7 bankruptcy was designed to eliminate a lot of unsecured debt (credit cards, medical bills, old utility bills, unsecured personal loans, etc.), and can generally be completed within just a few months. In a Chapter 7 bankruptcy case, the trustee can liquidate (sell) non-exempt assets to pay creditors, but most people who file for Chapter 7 bankruptcy don’t have any non-exempt assets, and so are able to keep their property while eliminating unsecured debts.

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