Chapter 7 Bankruptcy is a legal process that allows individuals or businesses to eliminate most of their unsecured debts, such as credit card bills and medical expenses. It involves liquidating non-exempt assets to pay creditors, but many people can keep essential property, like their home or car, through exemptions. To qualify for Chapter 7 Bankruptcy, individuals must pass a means test, which assesses their income and expenses. If eligible, the process typically takes a few months, providing a fresh financial start by discharging debts and allowing individuals to rebuild their credit over time.