Chapter 7 - Liquidation

In many cases, the individual, corporation or partnership may keep their home or car (secured debt), provided that they continue to make current payments and are up to date on the loan.  In addition, the Debtor can chose to voluntarily repay any debt upon agreement with the creditor (called a "reaffirmation agreement") in exchange for continued use of the account you hold with that particular creditor.

Chapter 7 can eliminate the following types of debts:

• Credit Card debts
• Judgments - Unless fraud or criminal related
• Deficiency debts on repossessed autos and foreclosures
• Personal loan debts
• Lawsuit debts
• Personal Injury Debts - except driving while intoxicated and criminal injury
• Medical debts, etc.