Chapter 7 offers broad relief, discharging the obligation for individuals to pay many of their debts. Chapter 7 relief is not available to everyone. People with large amounts of business-related debts qualify. So do people with consumer debt if their household income is not too large.
This is not the right approach for everyone. People with substantial assets may risk having them liquidated by the chapter 7 trustee, and would benefit more from a chapter 13 or an individual chapter 11.
Deciding whether to file a chapter 7 bankruptcy is complicated. Call us at 919-246-4676 for a free consultation to learn whether it is right for you.