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What is a Chapter 7 Bankruptcy?

A Chapter 7 is also called a "liquidation", even though there is almost never an actual liquidation of property. This type of bankruptcy discharges certain unsecured debts. A Chapter 7 may not have much effect on secured debt, such as home or automobile loans. Although a Chapter 7 will discharge personal liability for the debt, it will only delay, not stop, a foreclosure or repossession. Those types of debts can be included in a Chapter 7, but are usually more effectively dealt with in a Chapter 13 bankruptcy.


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