Filing for Chapter 7 bankruptcy doesn't mean you have to file a repayment plan. Instead, your trustee collects and sells your nonexempt assets and uses the money to pay creditors. Under Chapter 7, it is possible that some of your property is subject to liens and mortgages, and you may even have to pledge your property to a creditor. However, the Bankruptcy Code allows you "exempt property," or a certain amount of property that you are allowed to keep.
According to the Uscourts.gov site, to qualify for relief under Chapter 7 of the Bankruptcy Code the following requirements must be met:
Chapter 7 Discharge:
As per Uscourts.gov, a discharge under Chapter 7 releases the individual debtor from personal liability for most debts, and prevents the creditors from taking any collection actions against the debtor. Chapter 7 discharge is subject to many exceptions. Therefore, it is recommended that a debtor consult with competent legal counsel before filing a Chapter 7 bankruptcy. In most cases, unless a party in interest files a complaint objecting to discharge or a motion to extend time to object, the bankruptcy court will issue a discharge generally within 60 to 90 days after the date first set for the meeting of the Creditors. Fed. R. Bankr. P. 4004(c).