In a Chapter 7 bankruptcy proceeding, a debtor liquidates their non-exempt assets and receives a discharge from the United States Bankruptcy Court.

Generally speaking, most consumer debtors are able to protect most,if not all of their assets in a Chapter 7 bankruptcy. In most instances, it is possible to keep your property and still obtain a discharge of your debts. In a Chapter 7, a debtor can decide to reaffirm, or repay, any debt they choose. A debtor can continue to pay for house or a car while still getting rid of the rest of their burdensome debt. A complete financial analysis should be conducted by one of the bankruptcy lawyers from The Law Offices of Tom C. Smith to determine whether or not you qualify for a Chapter 7.