Money is often on the minds of most people. They may think about their next paycheck, how much they should spend on food or clothing, whether they have enough money for vacation, or how they will deal with their outstanding debts. Unfortunately, that last thought plagues many people, and you may be one of the numerous individuals who loses sleep each night wondering whether you will ever get out from under the outstanding balances you face.

It can prove immensely difficult to deal with debt, and you may think that chipping away little by little will help you keep your financial struggles under control. However, small steps may not always prove effective, especially when balances continue to increase due to interest rates and fees. The time may come for you to take more substantial action in hopes of achieving debt relief, but you may want to avoid making hasty decisions.

Debt Relief. Thinking about bankruptcy in such terms is the first step in no longer allowing any information gap-related anxiety from getting in the way of educating yourself about bankruptcy. Chapter 7, like other types of bankruptcy, is about relief. In bankruptcy's chapter 7 form, this relief is in the form of liquidation. Chapter 7 liquidation, as spelled out in the U.S. Bankruptcy Code, is "the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors." When focusing on the positive, on relief, the words "nonexempt property" should jump out.