Even for those who qualify, Chapter 7 bankruptcy is not always going to be the preferred choice. In most situations it will be, however, which is why the majority of those who file for bankruptcy at least attempt to file for chapter 7.nnFor instance, those who are behind on their mortgage or business-related payments won’t be able to discharge those debts via Chapter 7 bankruptcy. They can only either file for Chapter 13 or attempt to repay on their own.nnIn addition, Chapter 7 bankruptcy is called liquidation bankruptcy for a reason. It means that if you have valuable assets, those will be liquidated in place of repaying your creditors. Chapter 13, on the other hand, does not require you to liquidate your assets. It allows you to catch up on your payments my prorating the overdue debt into a new agreement. Hence why Chapter 13 is called reorganization bankruptcy.nnHowever, for those who want a fresh start and to eliminate their debt burden without paying it back, Chapter 7 bankruptcy remains the most attractive option.nnAdvantages of Chapter 7 BankruptcynChapter 7 affords you a fresh start for a wide variety of debts.nChapter 7 gives you instantaneous protection from creditors attempts to collect on overdue claims.nWages and property you get after the filing cannot be claimed by creditors (with the exception of inheritances).nUnlike Chapter 13, Chapter 7 debts can be discharged no matter how large they are.nChapter 7 bankruptcy can be executed quickly. Debts can be discharged in under 6 months.nDisadvantages of Chapter 7 BankruptcynYou will lose any property that is non-exempt to pay off your creditors.nChapter 7 cannot discharge all debts. That includes foreclosures.nIf you filed Chapter 7 bankruptcy already, you will have to wait 8 years before you eligible to file again.