A Chapter 7 is a bankruptcy that wipes out most of your general unsecured debts such as credit cards and medical bills without the need to pay back balances through a repayment plan. To qualify for Chapter 7 bankruptcy, you must meet income requirements. Most people do not lose any property in a Chapter 7 bankruptcy. However, your attorney will need to carefully evaluate your income and assets before advising you on whether you should file a Chapter 7 bankruptcy and the possible outcomes in your individual case.
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