CHAPTER 7 BANKRUPTCY

Chapter  bankruptcy is sometimes refereed to as "Straight" bankruptcy. It is designed to give you a "fresh start" and allow you to start with a clean slate -  and no debt.  Chapter 7 will wipe out your debts forever.  YOU DO NOT HAVE TO PAY THE DEBTS.   However, you do have the right to pay any debt you want

Certain debts such as most federal and state taxes, child support or alimony, and student loans (with some exceptions) CANNOT be bankrupted.

Chapter 7 is especially good for :
	1.	Credit Card Debt
	2.	Medical Bills
	3.	Deficiency after repositions
	4.	Unsecured personal loans with higher interest rates
	5.	Shopping Garnishments

When you go bankrupted you can keep:
	1.	All necessary clothing;
	2.	All household furniture and appliances with some exceptions (i.e. you are still paying for it);
	3.	Tools used in your work valued up to $10,000;
	4.	An additional $5,000 worth of property; and,
	5.	Any automobile valued up to $20,000 with some exceptions (i.e. you are still paying for it).