Chapter 7 Straight Bankruptcy

This type of Bankruptcy is sometimes referred to as a “Straight Bankruptcy”. In a Chapter 7 Bankruptcy, you may be asked to turn over your non-exempt property over to a trustee who then converts them into cash to pay off your unsecured debts, such as credit card debts, medical bills, and other unsecured loans. Your unsecured debts are completely discharged (wiped out) and you get a “Fresh Financial Start”.