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Filing for Chapter 7 bankruptcy is a big decision, but the process is predictable. If you want to know what to expect or how to file for Chapter 7 bankruptcy, this article is an excellent place to start. Youll learn:the nine steps involved in filing bankruptcy, andhow to find more information about a Chapter 7 bankruptcy case.Once you understand the bankruptcy filing process, youll be ready to learn whether you can keep your property and erase your debts in Chapter 7. Youll find links to helpful resources at end of the article. Do You Need More Background Information? 1. Analyze Your Debt: Can You Erase Your Bills By Filing Bankruptcy?Not all debts go away in Chapter 7. Here are some of the debts youll be able to discharge or erase in Chapter 7 bankruptcy:credit card balancesmedical billselectric, gas, cable, and phone billspersonal and payday loansapartment and car leases, andgym memberships and other dues.Examples of nondischargeable debts that will remain after filing Chapter 7 bankruptcy include: Also, its common to pledge a house or car as collateral when taking out a mortgage or car loan and create a secured debt. You should know that youll lose the property if you arent current on the loan when filing a Chapter 7 bankruptcy and if you dont remain current after your case. Find out if Chapter 7 bankruptcy is the right choice for you.2. Determine Your Exemptions: Can You Keep Your Property When Filing Chapter 7 Bankruptcy?Exemption laws tell you what you can protect if you file for Chapter 7 bankruptcy. Most people can keep the following:household furniture and appliancesbedding and kitchenwareclothing and prescribed medical devicessome tools needed for your businessERISA-qualified retirement accounts, andsome equity in a car and home.Find out more about how bankruptcy exemptions work and your states bankruptcy exemption list. Its important because understanding this area will keep your possessions safe.3. Make Sure Youre Eligible: Is Your Income Low Enough to File for Bankruptcy?Unless most of your debt is from a business venture or youre a qualifying military member, youll have to take and pass the Chapter 7 means test. Heres what youll do:calculate your gross income during the six months before filingdouble it, andcompare it to the average gross income in your state for your family size youll find the figures on the U.S. Trustee Program website).If your gross income is at or below that figure, youll qualify. If you dont pass, youll have a second chance to deduct allowed expenses from your income. If enough remains to repay a meaningful amount to creditors, you still wont be eligible and need to look to Chapter 13 for debt relief. If nothings left for creditors, youll qualify for Chapter 7.Other qualification requirements also exist. For instance, you might need to delay filing for bankruptcy to comply with the multiple bankruptcy filing waiting period rules.4. Take a Credit Counseling CourseIndividuals filing for Chapter 7 bankruptcy must complete a course before filing or, in highly unusual cases, shortly after. You can take the class online or by phone up to 180 days before filing bankruptcy. Heres where youll learn more about the prebankruptcy credit counseling requirement.5. Fill Out and File the Chapter 7 Bankruptcy FormsYoull tell the court about your property, debts, income, expenses, and more on Chapter 7 bankruptcy forms. When finished, youll have disclosed everything about your present and past financial situation, including whether you want to keep your car, house, and other secured property or let it go back to the lender. Youll also disclose property transactions that occurred up to ten years before your case.Your case starts after filing the completed bankruptcy forms (the petition). Because a bankruptcy filing can be up to 60 pages in length, you can use the emergency filing procedure if youre short on time—it requires fewer forms. If you dont file the remaining forms within 14 days, the bankruptcy court will dismiss your case.Youll also pay a filing fee. If you cant pay it, you can ask the court to split it into four payments or waive it entirely. Your household income must be 150% of the federal poverty guidelines or less, and you cant have sufficient income to pay in installment payments. Learn more about bankruptcy filing fees and costs.6. Submit Documents to the Chapter 7 Bankruptcy TrusteeYoull prove the accuracy of your bankruptcy petition information by providing the Chapter 7 trustee appointed to your case with financial documents. You can find out why the trustee will want bank statements, paycheck stubs, profit and loss statements, tax returns, and more by reading about the financial paperwork needed for proof in bankruptcy.7. Meet With the Chapter 7 Bankruptcy TrusteeThe trustee will check identification at the 341 meeting of creditors in Chapter 7 bankruptcy—although your attorney might do so if its a virtual meeting—and ask questions about your financial affairs. Creditors can come to the meeting, but they rarely do. However, creditor attendance is up because the virtual meetings required for social distancing are cheaper to attend than in-person meetings.8. File Needed Objections and MotionsIf you dispute a creditors claim against your case or want to eliminate liens in Chapter 7, youll address these matters before your bankruptcy case is closed. Motions arent needed in most cases, and if you forget to handle a lien, the court will likely let you reopen your bankruptcy case later.9. Complete a Debtor Education CourseBefore receiving your discharge order wiping out your debt, you must finish the second debtor education course. If you dont submit your certificate on time, the court will dismiss your case without issuing a discharge. Fixing this problem can be expensive because youll likely have to file a motion and pay another bankruptcy filing fee. Learn more about credit and debt counseling in bankruptcy.Thats It!Expect to feel a weight lift from your shoulders after completing the steps involved with filing Chapter 7 bankruptcy because the order discharging qualifying debts wipes them out in Chapter 7 bankruptcy. Creditors wont be able to bother you any longer.Need More Bankruptcy Help?Did you know Nolo has been making the law easy for over fifty years? Its true—and we want to make sure you find what you need. Below youll find more articles explaining how bankruptcy works. And dont forget that our bankruptcy homepage is the best place to start if you have other questions! We wholeheartedly encourage research and learning, but online articles cant address all bankruptcy issues or the facts of your case. The best way to protect your assets in bankruptcy is by hiring a local bankruptcy lawyer.

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