What is Chapter 7 Bankruptcy?
A chapter 7 Bankruptcy is a way for individuals and families to wipe out or discharge their unsecured debts such as credit cards and medical bills. In exchange for wiping out the debts the court has the right to sell your non-exempt assets. However, most people who file chapter 7 have non-exempt property.
If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.