Chapter 7- Straight Bankruptcy

vvvDid you know that many people do straight bankruptcy, Chapter 7, and keep their home, car, furniture, and cash in the bank, and pay back nothing? Well, they do. It's a federal law and it's their right.

vvvA Chapter 7, regular straight bankruptcy, is designed for those who are unable, or do not want, to complete a bill consolidation plan, but do want to get some relief from their financial situation. Straight bankruptcy allows you to discharge — which means to get rid of or not pay back — debts, bills, and financial obligations, and to keep almost everything you own, as allowed by state law.
vvvOften you pay back nothing and keep everything. Straight bankruptcy, in most instances, gives a family or single adult the chance to start again without the burden of bills. Straight bankruptcy allows you to start new credit fast, and even to buy property almost immediately — even an automobile.