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Understanding Chapter 7 Bankruptcy - Is it the Right Choice for You? The burden of overwhelming debt can be crippling, leaving individuals and families feeling as though they are drowning in a sea of financial uncertainty. In such a scenario, it is important to understand how chapter 7 bankruptcy can help alleviate the stress of debt. While many people view bankruptcy as a last resort, it can actually be a viable way to regain financial stability and a fresh start. The purpose of this blog is to provide an introduction to chapter 7 bankruptcy, its benefits, and its potential impact on your employment. Additionally, we will introduce our law firm, Scott Marshall Neuman PC, which can provide Michigan residents with expert assistance in bankruptcy matters. Understanding Chapter 7 Bankruptcy Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows individuals to discharge most or all of their unsecured debt such as credit card debt, medical bills, and personal loans. This type of bankruptcy is available to people who pass a means test, demonstrating that their income is lower than their state's median income levels. Chapter 7 bankruptcy does not require a payment plan, and the process usually takes between 3-6 months.