What does Chapter 7 bankruptcy involve?

Transcript:

Chapter 7 is known as a liquidation bankruptcy. That’s where if your debt is discharged it’s wiped clean and you don’t worry about it anymore. The first thing you should do is look at your assets and your liabilities, and then if you actually wish to pursue it you would then seek credit counseling, do a petition for bankruptcy, and then proceed from there, but the first issue is whether or not you would apply and whether or not it would be Chapter 7. You should probably check with an attorney.