Chapter 7 is the most common type of bankruptcy and completely eliminates your dischargeable debts forever. It allows individuals or businesses to eliminate credit card debt, judgments, medical bills and other types of debt and move forward. Most of the time you will be able to keep all your real and/or personal property. Chapter 7 also allows owners of failed businesses to close down their operations quickly and efficiently.
Once it becomes clear that a bankruptcy filing should take place, the question of the best time to file arises. Our job is to identify potential risks in any bankruptcy filing and allow the client to make a decision as to whether or not the potential risk justifies the filing of a bankruptcy petition. There are many instances where we advise potential clients not to file bankruptcy.
Certain debts cannot be discharged through Chapter 7 bankruptcy, such as student loans, child support, alimony, most taxes, and personal injury damages while intoxicated.