Holbrook & Hoehner

Bankruptcy under chapter 7 cancels your debts, but you might have to let the bankruptcy court liquidate (sell) several of your property to pay your creditors. Chapter 7 requires you to complete credit counseling with an agency approved by the US Trustee, and you can't use Chapter 7 bankruptcy if you already received a bankruptcy discharge in the last six to eight years (depending which kind of bankruptcy you filed) or if, based on your income, expenses, and debt burden, you could complete a Chapter 13 repayment plan.