A type of consumer bankruptcy where your responsibility for your debts is cleared entirely. With this kind of bankruptcy you are not required to pay back debts you owe from before your filing. Chapter 7 bankruptcy filing records remain on your credit report for 10 years and the record of each account included in your filing will remain on your report for 7 years. This has been the most common type of filing but changes to bankruptcy law will make it more difficult to file for Chapter 7 bankruptcy in the future.
Bankruptcy where many or all of your debts are wiped out completely in exchange for giving up your nonexempt property.
The type of bankruptcy, in which many or all of the debts are wiped out completely in exchange for giving up nonexempt property.