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The primary purpose of Chapter 7 is to eliminate debts. Of course, not everyone is entitled to file and not all debts are wiped out by Chapter 7. This chapter provides that only particular individuals may file, and only particular debts may be discharged. Depending upon each person and the nature of their debts, Chapter 7 is different for each person - i.e. Chapter 7 is an organic concept that may, or may not be your best choice. In practice nevertheless, most individuals do receive a personal bankruptcy discharge without surrendering significant assets. Most often, this favorable result occurs after careful review and planning. If significant assets are subject to seizure, or discharge questionable, you would be well advised to consider another chapter. Anyone considering personal bankruptcy must understand available benefits. Timing counts. Many choices must be made. During the days or weeks before filing, debtors retain flexibility to either influence, enhance or diminish net benefits. Also be aware that common myths and current practices today vary widely. Each state provides property exemptions which range from the threshold of poverty to generous. At a minimum, you must understand the basic operation of law for personal bankruptcy under Chapter 7. For Additional information, see personal bankruptcy under Chapter 7 laws.
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