Chapter 7 Bankruptcy

Learn how Chapter 7 bankruptcy works, how to qualify by passing the Chapter 7 means test, the debts you can discharge, the property protected by bankruptcy exemptions, the steps in a Chapter 7 case, and more.

When filing for Chapter 7 bankruptcy, your case should move forward predictably. Here's a summary of what's involved in a typical Chapter 7 bankruptcy.

Get Chapter 7 bankruptcy questions answered in the Chapter 7 FAQ format. Bankruptcy matters addressed include qualifying for Chapter 7 bankruptcy, what happens to unsecured loans and unsecured debt in bankruptcy, and property in Chapter 7, including keeping a home.

The majority of Chapter 7 bankruptcies are no-asset cases. Find out what a no-asset case is, whether you can file for Chapter 7 without assets, and what happens in Chapter 7 no-asset cases.

Get Chapter 7 lawyers' fees explained clearly, including a breakdown of costs so you understand what you're paying for and how it impacts your bankruptcy process.

When you file for Chapter 7 bankruptcy, you begin the process of obtaining a fresh financial start. That means you do not have to pay debts that are dischargeable in your bankruptcy, and should stop paying those debts once you have filed.

There are several reasons why Chapter 7 bankruptcy can be more advantageous to certain debtors than Chapter 13 bankruptcy.

Before you file for Chapter 7 bankruptcy, decide if it makes financial sense.

To learn how much you'll pay on average for a Chapter 7 case, we asked readers across the U.S. about their recent experiences with Chapter 7 bankruptcy. Here’s an overview of what they told us, including information about their debt discharges.

Learn about the types of debt that cannot be wiped out in bankruptcy.

Chapter 7 bankruptcy clears debt like credit card balances, medical bills, past-due rent payments, payday loans, overdue cellphone and utility bills, car loan balances, and even home mortgages in as little as four months.

Learn how long Chapter 7 bankruptcy (and Chapter 13 bankruptcy) will stay on your credit report.

Discover whether you're eligible for Chapter 7 bankruptcy by learning about the Chapter 7 bankruptcy means test. We explain the two-step calculation process used to determine Chapter 7 bankruptcy qualification.

The lengthy means test form can be complicated to complete. Learn about the most common errors and whether you can avoid taking the test.

Learn about secured debts and how creditors can collect them.

In Chapter 7 bankruptcy, debtors can "discharge" or eliminate most credit card debts. In Chapter 7, debtors don't pay toward the amount owed and, in most cases, aren't required to return the property purchased with the credit card.

It’s possible to discharge student loan debt in bankruptcy, but it’s never been likely for most people. However, new changes to the bankruptcy procedure make student loan discharges more available to more people.

If you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you get to keep your pension and retirement plan funds, with a few limitations. If you are considering bankruptcy, you should learn about these limits.

You can probably keep your checking account in Chapter 7 bankruptcy if you don't owe money to the bank. However, it's a lot more difficult to keep the funds in the checking account when filing for bankruptcy. Learn why you'll lose your money in bankruptcy if you can't protect it with a bankruptcy exemption.

Whether Chapter 7 bankruptcy makes sense when you own a home depends on your goals -- do you want to save your house, delay foreclosure, or just walk away with less debt?

The requirements for keeping a home in Chapter 7 and Chapter 13 bankruptcy differ substantially. Learn why the status of your mortgage payment and whether you can protect all home equity with a bankruptcy exemption matters.

Here's what to do if your mortgage servicer won't send mortgage statements after your bankruptcy.

Learn about Chapter 7 bankruptcy requirements, such as meeting income qualifications and other issues that could disqualify you from filing Chapter 7.

If you are an undocumented immigrant, you can file for bankruptcy if you have a valid Social Security Number or ITIN.