Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is a liquidation bankruptcy. It is the type of bankruptcy most people think of when they think of bankruptcy.
In a Chapter 7 you list all of your assets and all of the people that you owe money to. If there are any of your assets that can be sold to pay down your debts it will happen. If there is still a debt owed to your creditors after they are paid, they will typically be discharged with a few exceptions (examples would be tax debt and child support debt).
In Chapter 7 you list all of your assets and all of the people that you owe money to. If there are any of your assets that can be sold to pay down your debts it will happen. If there is still a debt owed to your creditors after they are paid, they will typically be discharged with a few exceptions (examples would be tax debt and child support debt).
It is probable in a Chapter 7 bankruptcy an individual can discharge all of their debts while retaining all of their assets. Each individual bankruptcy is unique.