Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor usually receives a discharge of all eligible debts within four months. In the vast majority of Chapter 7 cases, the debtor generally has no assets that would be lost. Chapter 7 can relatively quickly give you a "fresh start".
"For most people, they'll pass through a bankruptcy case and keep everything they have," says John Hargrave, a bankruptcy trustee in New Jersey. "If you have a mortgage or a car loan, you can keep those as long as you keep making the payments (like the rest of us)."
For more information on your personal options in a Chapter 7 case, please do not hesitate to contact the office and schedule a consultation!