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What does Chapter 7 bankruptcy involve?

Our Professional Answer:

Bankruptcy is a very powerful tool. A Chapter 7 bankruptcy allows you to typically discharge almost all of your debt and for most people they keep their assets under the exemptions. Meaning, the state laws that allow you to exempt property from the bankruptcy. A Chapter 7 will allow you to discharge the debt you will never have to pay it in the future and it is one of the simpler forms of bankruptcy.