Also known as "Fresh Start" or "Straight" bankruptcy, Chapter 7 bankruptcy allows a person to eliminate most or all of his debt while being allowed to keep whatever property he may have.

In many cases, a person may keep their home or car (secured debt), provided that they continue to make current payments and are up to date on the loan.

Chapter 7 eliminates:

• Credit Card debts
• Medical debts
• Personal loan debts
• Lawsuit debts
• Judgements - Unless fraud or criminal related
• Deficiency debts on repoed autos and foreclosures
• Some IRS Debts - many income tax debts are dischargeable.
• Personal Injury Debts - except driving while intoxicated and criminal injury.

Chapter 7 is the most commonly filed bankruptcy and can allow for a new start. More and more Americans find themselves struggling with debt they cannot control. Chapter 7 bankruptcy allows for their debt to be discharged and lets them get a hold of their financial situation with a fresh start.

Chapter 7 does not eliminate student loans except extreme hardship cases, debts from certain types of taxes, alimony maintenance or support payments, fines, penalties and criminal restitutions, or debts from personal injuries caused by driving while intoxicated.

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