What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy is the most common type of bankruptcy filed in the United States. Also called a liquidation bankruptcy, Chapter 7 gets its name from the fact that assets are liquidated to pay creditors. In a Chapter 7 bankruptcy, you may keep your home and car if they are secured by your home or car loan, but unsecured debts such as credit cards and medical bills are wiped out.

Chapter 7 bankruptcies are typically filed by individuals who have low income and few assets. If you have nonexempt assets, the trustee will sell them and use the proceeds to pay your creditors. Most people who file for Chapter 7 bankruptcy protection do not have any nonexempt assets, so their creditors receive nothing.

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