Most people find it challenging to clear off their debts, especially when they have accumulated a lot over the years. One option you have when you find yourself buried under debt is to file for Chapter 7 bankruptcy. 

There are many reasons to file for bankruptcy. One of the most common is that bankruptcy may help individuals to have a fresh start financially when they find themselves unable to pay their existing debts. 

According to the U.S. government, there are several challenges that people with poor credit face. These may include being unable to access credit when they need it, being unable to buy a home or car, or being unable to secure a job. Bankruptcy remains on your credit for up to 10 years; while this may seem harsh at first, you can start rebuilding your credit almost right away and all during that period by making on-time payments. 

Sometimes, it is possible to completely discharge some types of debt in bankruptcy. Discharge in bankruptcy may be difficult to understand, and the laws may change depending on where you live. 

The U.S. courts may grant a discharge in Chapter 7 bankruptcy if the lender does not dispute the discharge within an allotted timeframe. Mostly, this time is after 60 days of the first meeting. If no one files a motion to dispute the claim, the debts may get discharged, and therefore, the debtor may no longer be liable to pay that specific debt. 

It is important to note that not all debts are dischargeable under Chapter 7. Most of non-dischargeable debts include some type of tax claim or student loan.