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What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy allows a debtor to completely discharge certain debts, though the individual may have to sell certain items of property to apply to the debts before they are cancelled. However, an individual will not have to sell necessary property (such as a house or car), because the law considers those items instrumental to getting a fresh start. However, for those items of property (like your house or car), you will still have to make payments in order to hang on to them.