DebtStoppers Detroit

Chapter 7 bankruptcy takes an average of six months to complete and will remain on an individual's credit report for 10 years. Some personal items and real estate may be able to be kept, depending on the state.

Even when a person files for bankruptcy they typically are able to keep their assets, wages, alimony & even their home. There is a light at the end of this dark tunnel. Restoring credit over time can happen as well. It's not the end of the world as some think.

In a Chapter 7 bankruptcy, if the debtor has no nonexempt assets, then the case is called a "no-asset" case, and the debtor usually receives a discharge of debt soon after, removing the obligation to repay creditors.