A chapter 7 bankruptcy does not require a restructure or payment plan. Instead, individuals that qualify financially may wipe out all unsecured debts without paying a portion thereof. However, an individual filing a chapter 7 bankruptcy may remain in their home, continue to pay their mortgage and may protect several other personal property assets, including but not limited to retirement plans, personal property valued within Florida Statutes and vehicles valued within Florida Statues.
The filing of a Chapter 7 bankruptcy does not automatically require the surrender of all property owned by the debtor, so long as it is protected by applicable law.
That being said, it is important to retain a Bankruptcy attorney who understands the bankruptcy code and applicable exemptions to navigate your case and provide the best results possible.