Chapter 7 bankruptcy, also known as the “Fresh Start” bankruptcy, provides relief for individuals with significant unsecured debt, such as credit cards, medical bills, and personal loans. It offers a chance to wipe out these debts and get a clean financial slate. However, it does not eliminate all types of debt. Student loans, recent taxes, parking tickets, and family support obligations like child support or alimony typically remain. If you have manageable assets and income, Chapter 7 can provide the relief you need to move forward.
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