Chapter 7

Chapter 7 bankruptcy is the simplest form of bankruptcy. It is well suited to any situation wherein the debtor has an income that is less than the national average, and has little to no nonexempt assets. Chapter 7 bankruptcy has several distinct advantages. One of them being that they are simple and have a fast turnaround time. Normally, a Chapter 7 bankruptcy takes about 6 months from the date of filing to the date the court enters an order discharging the debt.