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Chapter 7 enables you to become free from debt in just four months. The main issue is that you can run into difficulties if you have secured debts, such as a home mortgage or car loan. This is because the terms of the bankruptcy agreement give a creditor the right to recover these assets from you.

Returning the item enables the creditor to clear some or all the outstanding debt. Once the creditor has recovered the collateral, the status is downgraded from a secured to unsecured debt. Should there be a deficiency, this can be eliminated by filing for bankruptcy under Chapter 7.

However, reaffirmation in bankruptcy may enable you to keep your automobile or primary residence. This is achieved by continuing to make the repayments externally to the bankruptcy agreement. Lenders prefer this approach because it enables them to recover a larger percentage of the debt.

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