Chapter 7

This bankruptcy plan is often called “liquidation” or the “fresh start” plan. In Chapter 7, you can eliminate most of your unsecured debt such as credit cards or medical bills. In some instances, you may also be able to eliminate some unpaid outstanding tax debt. You may be able to keep certain valuables and secured assets that are most important to you, such as your home, vehicle, some jewelry and household furnishings. Most times, a Chapter 7 plan is usually quick and easy lasting an average of only 3-6 months until discharge. Once you have received a discharge, you can immediately start to rebuild your financial matters with a “fresh start”.