2.Under Chapter 7, you may claim certain property as exempt under governing law. A trustee may have the right to take possession of and sell the remaining property that is not exempt and use the sale proceeds to pay your creditors.
3.The purpose of filing a Chapter 7 case is to obtain a discharge of your existing debts. However, if you are found to have committed certain kinds of improper conduct described in the bankruptcy code, the court may deny your discharge and, if it does, the purpose for which you filed the bankruptcy petition will be defeated.
4. If you receive a general discharge, some particular debts are not discharged under the law. Therefore, you may still be responsible for some taxes (taxes require a detailed discussion with attorney) and student loans, debts incurred to pay non-dischargeable taxes, domestic support and property settlement obligations, most fines, penalties, forfeitures, and criminal restitution obligations, certain debts which are not property listed in your bankruptcy papers and debts for death or personal injury cases by operating a motor vehicle, vessel or aircraft while intoxicated from alcohol or drugs. Also, if a creditor can prove a debt arose from fraud, breach of fiduciary duty, theft or from willful and malicious injury, the bankruptcy court may determine the debt is not discharged.