Chapter 7 Bankruptcy, occasionally referred to as “liquidation bankruptcy” or "fresh start bankruptcy" is the most common type of personal bankruptcy. Chapter 7 Bankruptcy is applicable to individuals, married couples, corporations and partnerships. With Chapter 7 Bankruptcy you turn over all of your non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to your creditors. Debtors are generally allowed to keep most of their personal property because the property is exempt under the Bankruptcy Code.
Chapter 7 bankruptcy is generally the best course for people who are having trouble paying unsecured debts like credit card bills, medical bills, utility bills, and personal loans. It essentially wipes your debts clean giving you the fresh start you need.
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