Chapter 7 bankruptcy is the most common type of bankruptcy petition filed in the United States.  It is used to liquidate a debtors assets and distribute them to the creditors as payment in full.  Except for obligations exempt from bankruptcy discharge, the debtor is absolved from further payment to the creditors.

Normally the entire process takes just a few months to complete from filing to liquidation to debt-free status.  A trustee is appointed by the court to liquidate the debtor's assets and distribute them to the creditors.  Debtors are allowed to retain some basic assets and may keep some secured assets while retaining the debt applicable to that asset.

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Chapter 7 Bankruptcy News
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• Sacramento Developer Kolokotronis Files For Chapter 7 Bankruptcy Sacramento Bee
Sacramento developer Kolokotronis files for Chapter 7 bankruptcySacramento BeeBy Bob Shallit Sacramento developer Sotiris Kolokotronis filed for personal bankruptcy Friday following years of legal battles over a failed Elk Grove housing complex. The Chapter 7 liquidation filing in US Bankruptcy Court in Sacramento listed Sacramento developer Kolokotronis files for bankruptcySacramento Business Journalall 3 news articles raquo
• MF Global Holdings Judge Rejects Customer Bid For Chapter 7 BusinessWeek
USA TODAYMF Global Holdings Judge Rejects Customer Bid for Chapter 7BusinessWeek1 Bloomberg MF Global Inc.39s brokerage customers can39t have the bankruptcy of the company39s parent converted to a Chapter 7 liquidation or conduct their own probe into its collapse, a judge ruled US Bankruptcy Judge Martin Glenn denied a request MF Global judge: No Chapter 7 liquidationReuters UKall 327 news articles raquo
• REFILEFEATURELaw Grads Go To Court For Bankruptcy Protection Reuters
REFILE FEATURE Law grads go to court for bankruptcy protectionReutersShortly before graduating from the University of Maryland School of Law, the 26 year old Valle, burdened with 150000 in student debt and with no immediate job prospects, filed for Chapter 7 personal bankruptcy protection. quotI was really thinking it and more raquo
• Minn. Owners Of Shakers Vodka File Chapter 7 Bankruptcy Petition West Centra...
Minn. owners of Shakers vodka file Chapter 7 bankruptcy petitionWest Central TribuneBENSON The company that put Benson on the map as a distiller of fine spirits and Shakers on store shelves as an ultra premium vodka has filed a Chapter 7 bankruptcy petition. BENSON The company that put Benson on the map as a distiller of fine and more raquo
• Remember Shakers Maker Went Bottoms Up Minneapolis Star Tribune
KARERemember Shakers Maker went bottoms upMinneapolis Star TribuneThe company that makes Shakers vodka, a premium grade spirit that was made in Benson, Minn., from locally grown wheat and rye, has filed for Chapter 7 bankruptcy protection. Infinite Spirits Inc. of Blaine listed assets of 195349 and liabilities of Owner of Shakers Vodka files for bankruptcyMinneapolis / St. Paul Business Journalall 26 news articles raquo