Chapter 7 cases are typically shorter in duration, cheaper in fees/cost, and more helpful for credit rebuilding than chapter 13 or chapter 11 cases.
A chapter 7 generally discharges the following kinds of debt:
Common debts that are not discharged in chapter 7 include student loans, marital/domestic obligations, certain tax obligations, criminal restitution, debt incurred through fraud, debt incurred by defalcation of fiduciary duty and debts incurred by willful and malicious injury.
There is the potential for the loss of non-exempt assets in chapter 7
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NOTE: This is an overview of chapter 7 bankruptcy and does not constitute legal advice. If you are considering chapter 7 bankruptcy you should consult with an experienced bankruptcy attorney licensed to practice in your jurisdiction.
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