Chapter 7 bankruptcy, also known as a liquidation bankruptcy, is the most common form of bankruptcy filing for individuals.  It is a much shorter process than the other chapters and, for the right person, can serve to eliminate all unsecured debt (such as credit cards, medical bills, unsecured personal loans, and the like).  Individuals that elect to file a Chapter 7 bankruptcy petition may also choose to terminate secured loans (such as an auto loan or a home mortgage).  As long as the security for the loan is surrendered, no further liability will be incurred after the final Discharge is granted.

While Chapter 7 is a liquidation, the fact of the matter is that most people in financial distress will be able to keep all of their assets through a Chapter 7 proceeding.  The Bankruptcy Code provides "exemptions" that can be used to protect your assets.

Contact the Law Office of Chad M Sherwood, LLC, today to schedule a free consultation and evaluation of your financial situation.  We will provide you with expert advise regarding the best course of action for you, and help you get that fresh start that you deserve!

We are a debt relief agency. We help people to file for bankruptcy under the Federal Code.