Chapter 7 Bankruptcy

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What is Chapter 7 and how does it work? 

Chapter 7 Bankruptcy, otherwise known as “liquidation bankruptcy” allows qualified individuals to become free from most, if not all, of their unsecured debt. Individuals will retain the property exempt from the bankruptcy pursuant to state law. The property that is not exempt is liquidated to pay creditors. Chapter 7 is the most common and quickest type of bankruptcy.