Chapter 7 Bankruptcy

The Bankruptcy Means Test: Are You Eligible for Chapter 7 Bankruptcy?

Find out if you're eligible for Chapter 7 bankruptcy by learning about the Chapter 7 bankruptcy means test. We explain the calculation process you'll use to determine whether you'll qualify for Chapter 7 bankruptcy.

Common Mistakes Made on the Bankruptcy Means Test

The means test helps you determines if you are eligible for Chapter 7 bankruptcy and the length of your plan in Chapter 13 bankruptcy. The lengthy form can be complicated to fill out. Find out some of the most common mistakes made when completing it, as well as if you have to fill it out at all.

What Is a Secured Debt?

Learn about secured debts and how creditors can collect them.

Credit Card Debt in Chapter 7 Bankruptcy

In Chapter 7 bankruptcy, debtors are usually able to discharge (wipe out) credit card debts.  Generally, credit card debts are treated like other unsecured claims in Chapter 7 cases.

Student Loan Debt in Bankruptcy

Yes, you can file for bankruptcy on student loans, and it's getting easier to "discharge" or erase student loans in bankruptcy. But debtors can’t wipe out student loan debt in Chapter 7 or Chapter 13 bankruptcy without filing a separate litigation matter. You must prove to a bankruptcy judge that repaying your student loans would cause you undue hardship. If successful, you can get rid of your student loans in bankruptcy.

Your Retirement Plan in Bankruptcy

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.

Can I keep a checking account if I file Chapter 7 bankruptcy?

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.

Your Home in Chapter 7 Bankruptcy

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?

Should I File for Chapter 7 or Chapter 13 If I Want to Keep My Home?

Can you file for bankruptcy and keep your house? This article explains how to file for bankruptcy and keep your house in Chapter 7 or Chapter 13 bankruptcy. You'll learn about protecting home equity in Chapters 7 and 13, keeping a house in Chapter 7, and catching up on past-due payments in Chapter 13. You'll also learn when you can remove liens and lower mortgage payments in Chapter 13 bankruptcy.

Can My Mortgage Lender Refuse to Send Monthly Statements After Bankruptcy?

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

Chapter 7 Bankruptcy—Who Can't File?

If you're seeking debt relief, you'll start by determining whether you qualify for Chapter 7 bankruptcy. You must meet several Chapter 7 bankruptcy requirements, such as meeting income qualifications, before you can wipe out debts in Chapter 7 bankruptcy. You'll also need to learn what disqualifies you from filing Chapter 7.

Can an Undocumented Immigrant File for Bankruptcy?

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