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In Chapter 7, you make a request to the bankruptcy court requesting relief from your debts. The purpose is to obtain relief from your debts in return you make available to your property to be liquidated or sold except that exempt property. In most cases all or most of its property is exempt. If you are not exempt will be sold and the money distributed to creditors.
If you want to retain property as your home or car with charges and payments are overdue Chapter 7 will probably not be the best alternative. This is because in Chapter 7 your home mortgage lender or the bank that financed your carretains the right to repossess the property to cover its debt if it is not paid. It is probably better alternative then the Chapter 13 to pay the arrears.
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