A Chapter 7 bankruptcy is a liquidation of all the debtor’s non-exempt assets. It has the effect of canceling most, if not all, types of debt that an individual or a company may incur. Chapter 7 bankruptcies can be very beneficial to individuals without extremely valuable assets who have very high debt amounts without the ability to repay. It is very common that an individual may keep all of their possessions while wiping out most, if not all, of their debt obligations with the asset exemptions allowed in the state of Florida. However, if an individual, for example, multiple homes, cars, or extreme valuables that they wish to retain, perhaps a chapter 13 would be more beneficial.
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