Chapter 7 Resources
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People who are facing serious debt issues are some of the most stressed-out people. Most people have gotten into financial trouble because of some OTHER trauma, be it a divorce, loss of a job, serious medical problems or strangely enough, helping someone ELSE out of their financial problems.
Garnishments and lawsuits, including eviction, can often be dealt with using Chapter 7. And yes, with some exceptions, usually, you can keep your home and car(s).
A Chapter 7 bankruptcy is a total liquidation of certain types of debt. In other words, it wipes out certain types of debt completely: you are no longer legally obligated to pay that debt. What debts will be legally "erased"? Unsecured debt of most sorts is completely liquidated. If you have credit card debt on a Visa, Mastercard, Discover or American Express (to name a few), you will not be required to pay the debt. If you borrowed money from family or friends, you will not legally be required to repay that debt (although to keep the peace in the family, you may be MORALLY required to pay the debt). Items such as taxes and liens on property (mortgages) generally do not get discharged. There are exceptions to both items.