Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is often called "liquidation", although in most cases you are able to keep all of your property. If you are up to date on your car and house payments, you can usually keep those assets as well. A typical Chapter 7 case can be completed within five months, and can eliminate many forms of debt, including:
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- Credit card debt
- Medical bills
- Personal loans
- Payments on vehicles that have been repossessed.
- Some types of taxes
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