What is a Chapter 7 bankruptcy?

​If you have ever asked the question: “What’s a chapter 7 bankruptcy” or “What’s a chapter 13 bankruptcy,” you are not alone. The short answer is that a Chapter 7 bankruptcy erases most kinds of debt, but you may have to turn over assets. You may also be barred from filing a Chapter 7 due to income. The bankruptcy lawyers at Owings Law can answer your legal bankruptcy questions and explain the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy. Our bankruptcy attorneys offer free bankruptcy consultations, and we are happy to evaluate your situation to determine whether you should file bankruptcy under Chapter 13 or Chapter 7.