Chapter 7 Personal Bankruptcy
For most people, the
chapter 7 “straight bankruptcy” is usually the best overall solution. Chapter 7
is also usually the best bet for those who have few assets or little income.
Under a Chapter 7 bankruptcy all or most of your debts are wiped out permanently. If you
have some equity in your home, you’ll probably lose it. (Unless you live in one of
the states that have unlimited homestead exemptions)
If you own a home that you want to keep, you might want to consider the chapter 13 form of
bankruptcy instead. (Though your lawyer may not tell you, you can file for a chapter 7
bankruptcy later while you’re in the midst of a chapter 13 plan.)
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