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About Chapter 7 Bankruptcy

In Chapter 7, the bankruptcy court discharges your obligation to pay your unsecured creditors quickly – usually in about 90 days. In Chapter 13, you are required  to make periodic payments over a period of either three or five years. The payments depend on your overall financial condition and often pay only a very small % of total debt. What is left at the end of the applicable time period is discharged.  Most people considering bankruptcy prefer filing under Chapter 7 because they no longer have to worry about paying back their unsecured creditors but can still keep paying their secured creditors for property they want to keep.

Common Chapter 7 Bankruptcy Questions

Who are secured creditors?
Who are unsecured creditors?
Do I lose everything I own if I file for bankruptcy?
What happens to my house if I file for bankruptcy?
What happens to my vehicle if I file for bankruptcy?
What happens to my pension if I file for bankruptcy?
Will I lose all of my personal property if I file for bankruptcy?
Will someone take my tools or jewelry?