Under this filing most individuals are permitted to keep all non-exempt property.  Meaning that in most case individuals will still keep their home and cars.  However, it should be noted that the majority of liens on homes and/or cars do in fact stay in tact whether you are filing Chapter 7 bankruptcy or not.

It should also be noted here that other debts such as spousal support and child support do not go away when you file Chapter 7.

The real question is: which debts can I include when and if I file Chapter 7?  For the most part you are going to be able to include just about every debt you have accumulated, apart from those expressed above, being certain liens placed on property.

In most cases all credit cards can be included in the filing.  However, each line of what was purchased will be detailed and certain items may not be included in the filing.  This is something that you will want to seek legal council for.  A bankruptcy attorney can walk you through every asset and bill that you currently owe, and provide you with a more secure answer as to what can be included.

Filing Chapter 7 bankruptcy, and what can be included depends on the nature of the filing and what assets are owned by the person or persons filing the bankruptcy.  There is a lot of red tape to be searched through, and every bankruptcy filing is individual to the person filing the bankruptcy.   This means that Mr. Smith may have been able to include such and such, but you may not be entitled to include the same.  Bankruptcy filings are specific to the person filing them.

Individuals thinking about filing Chapter 7 bankruptcy should really take time to think it through.  You should be aware that when you file bankruptcy it remains on your credit for 10 years from the time it goes into effect.  This will make it nearly impossible for you to get a loan or to open new accounts. (More chapter 7 bankruptcy information)

The idea behind filing Chapter 7 bankruptcy is to give you a fresh start.  However, this fresh start could come at a price.   Due to the risks involved in filing bankruptcy many new laws have been put into place to make it more difficult to file.  Individuals and businesses who are considering filing this type of bankruptcy are risking the loss of their assets.   In some filings the majority if not all of your assets can be taken and sold in order to pay off your debts.

These new laws and changes to law also some times make it impossible for an individual to file Chapter 7 bankruptcy.