Should I file Chapter 7 Bankruptcy?

Chapter 7, sometimes referred to as liquidation bankruptcy, is used for those who cannot afford to repay their creditors.

• Liability for both secured and unsecured debts go away.
• You continue to pay on loans secured to collateral you want to keep; like homes and vehicles. Focus is on your assets (your assets are either exempt i.e. you can keep them or Non-Exempt i.e. the Chapter 7 Trustee liquidates them to pay your unsecured debts; and to the extent, the non-exempt assets do not pay the unsecured debts in full, they get discharged i.e. your liability for them goes away.
• Credit is better sooner since the discharge is granted in approximately 4 months.