This is usually called a “liquidation,” since your non-exempt property will be sold to your creditors and your proceeds will be distributed.
Once this process is finished, you’ll start completely new— you don’t have to worry about payment plans or remain involved in the bankruptcy tribunal.
This typically occurs if someone has little non-exempt property, a lot of unsecured debt like debt by credit card. In the event of chapter 7 bankruptcy, you can release your debt rapidly and keep all the revenue or assets you receive after bankruptcy is filed.
Chapter 7 fails with a number of potential disadvantages. Your property may be lost. If there is an asset that is not covered under your bankruptcy exemption, you may be compelled to sell and payout the proceeds to your creditors. You can only file a bankruptcy of Chapter 7 if you will be given a dismiss in a case of Chapter 7 at least eight years ago.