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Chapter 7 bankruptcy is the program the federal government wants you to use if you cannot pay your bills despite your best efforts. Many reasons can contribute to this. Over 40% of bankruptcies are caused by medical bills, but credit cards, payday loans, and other unsecured debt can also be discharged in Chapter 7 bankruptcy. In a Chapter 7 bankruptcy you get to keep important assets while discharging most or all of your unsecured debts. In order to qualify for Chapter 7 bankruptcy you must qualify by passing a means test.
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