- Debt is liquidated
- Duration: 4-6 months
- Can file every 8 years
- Ideal for individuals with:
Personal/medical bills
Have few assets
Have mostly unsecured debt
- Pros: Debtors can get rid of debt quickly and have a new financial start wihtin 4-6 months.
- Cons: Trustee can sell non-exempt propteries to pay off debts. Record of Bankruptcy stays for 10 years on Credit Reports.