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Chapter 7 is the simplest and quickest form of bankruptcy. It is available to individuals, married couples, partnerships, and corporations. Often being synonymous with liquidation, the truth is, in most cases assets tend to fall under exempt, rather than non-exempt, and leave nothing to be liquidated. Another benefit of Chapter 7 is that the “automatic stay” goes into effect once the petition is filed creating a legal barrier between you and your creditors, keeping them from taking further actions to “collect.” This action alone can help to decrease your stress levels immensely, as we all know how determined harassing creditor can become.
With Chapter 7, you may have to liquidate certain assets (like a car or a second home) to pay off at least some of the debt. Most of your assets are probably exempt, but it depends on your state, your financial situation, and whether or not that asset is essential. You have to meet certain eligibility requirements to file, and income is perhaps the most important one. There’s a whole set of criteria to determine your income eligibility, but generally, you have little to no disposable income.
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