A Chapter 7 bankruptcy is the most common among people who are not working or do not have enough resources to pay their monthly debts.
The process, from the request, takes about 90 days until the case is closed, after which the debts that can be eliminated are eliminated.
In order to apply, the person must not have any equity in property or assets, and their monthly income must not exceed the minimum amount established by bankruptcy law.
Those who file Chapter 7 bankruptcy must provide detailed financial information such as income data, tax returns, records of outstanding debts, and detailed daily expenses. Likewise, they must obtain credit counseling and prove it in court.