Chapter 7 bankruptcy can give a person a second chance in life, because it allows you to eliminate your prior legal obligations that you have had and at the same time allow you to move forward in society. The analysis used in a chapter 7 bankruptcy is twofold. It is a liquidation of your assets and there is also an income analysis that's used. You want to make sure that if you are going to file chapter 7 bankruptcy, that the assets that you do own would be protected 100%. Secondly, the debtor's attorney also has to do an income analysis and make sure that when you file bankruptcy it would not be deemed as an abuse by bankruptcy courts or the U.S. trusty's office.