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Chapter 7 Clears all of your debt and gives you an immediate "fresh start."
To qualify for Chapter 7, we must show that, based upon your income, budget and assets, you are unable to service the debt you carry. Approximately 90 days after we file, you are granted a discharge and you no longer owe the debt.
What can't be discharged in Chapter 7?
Student loans Taxes less than 3 years old Alimony Child Support Drunk driving/Intentional acts
Also, secured debts like car, furniture or house payments can't be discharged it you want to keep the property.
Advantages of Chapter 7:
Immediate discharge of debt
You can keep paying on secured items like a house and car if you are current and want to keep the property.
You can only receive a Chapter 7 discharge once every 8 years and a Chapter 7 filing remains on your credit report for 10 years.
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