Chapter 7 Bankruptcy

If you qualify, Chapter 7 bankruptcy wipes out all your qualifying debts. (Some debts, such as child and spousal support and past-due taxes, cannot be discharged.) Once all the paperwork has been completed, the Chapter 7 bankruptcy process can be over quickly, in about three months.
Although the bankruptcy process takes care of your immediate debt problems, it will take time to rebuild your credit score. Bankruptcy can have adverse effects on your credit record for up to 10 years.
Not everyone qualifies for Chapter 7 bankruptcy, and it’s not suitable for everyone. Ms. Cully will help you complete the means test to determine if you qualify and whether it makes sense for you.