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Chapter 7 Bankruptcy: What it is and How to File

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Chapter 7 Bankruptcy: What is It Is and how to file
Chapter 7 can wipe out all debts, with notable exceptions like student loans.
By Sean Pyles Senior Writer | Personal financial and debt Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. The show "Smart Money" Sean talks with Nerds from the NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on thoughtful and actionable money advice, Sean provides real-world guidance that can help consumers better their financial lives. Beyond answering listeners' money questions on "Smart Money" Sean also interviews guests outside of NerdWallet and also creates special segments that explore subjects like the racial wealth gap and how to begin investing and the history of college loans.
Before Sean was the host of podcasting at NerdWallet He also covered issues concerning consumer debt. His writing has been featured in USA Today, The New York Times and elsewhere. When Sean isn't writing about personal finances, Sean can be found working in his garden, going on runs , and taking his dog on long walks. He is based within Ocean Shores, Washington.





Aug 6 Aug 6, 2021


Editor: Hanah Cho, Vice-President Personal finance Hanah Cho is Vice President of Content. She managed multiple NerdWallet teams that focused on personal finance before becoming director, then deputy director. She originally joined NerdWallet as a journalist, covering small businesses. In the past, she was a reporter covering startups and business at The Dallas Morning News, as well as a prior business writer for The Baltimore Sun. She was also treasurer for the Texas Chapter of the Asian American Journalists Association.







A majority of the items featured on this page come from our partners who compensate us. This affects the products we write about as well as the place and way the product appears on a page. However, this doesn't affect our assessments. Our opinions are our own. Here's a list and .



Table of Contents



Table of Contents





Chapter 7 bankruptcy can wipe away a myriad of forms of overwhelming debt under the protection of a federal court. It is possible to sell some of your assets, like an expensive automobile or jewellery, but the majority of people who file bankruptcy do not. Chapter 7 bankruptcy is the most efficient and popular type of bankruptcy.
Chapter 7 bankruptcy erases most non-secured debts, that is, debts that don't have collateral, like medical bills, credit card debt, and personal loans. However, certain types of debt, like tax owed, court judgments, alimony and child support, and student loans generally aren't eligible. Chapter 7 bankruptcy will leave a serious impact on your credit reports for a period of 10 years. You'll have a harder time obtaining credit. Even so, you'll probably see your credit scores start to rise in the following months after you file.
Learn more about the ways you can be eligible to file for Chapter 7 bankruptcy, how to file, whether this debt relief option is suitable for you, and the best way you can rebuild your life following bankruptcy.
Do you meet the requirements for Chapter 7 bankruptcy?


To qualify for Chapter 7 bankruptcy you:
Must pass the , which will examine your income expenses, assets, and income.
Cannot have completed a Chapter 7 in the or in the last six years.
Do not have to have filed a bankruptcy petition (Chapter 7 or 13) in the preceding 180 days that was rejected because you failed to show up in court or to comply with order of the courts, or have voluntarily withdrawn your own bankruptcy filing because creditors sought relief from the court to retrieve property they had an interest in.

How do you do you file Chapter 7 bankruptcy?


It is possible to complete the process within six months. You'll need to follow a few steps.
You must undergo pre-filing bankruptcy counseling from a qualified non-profit credit counseling service within 180 days prior to filing.
Before diving into the various documents required to fill out the forms required to file Chapter 7, find a qualified bankruptcy attorney to help. It's hard to when you need debt relief however, this isn't an issue you can tackle yourself. A mistake in the paperwork or a mishap could lead to your case being thrown out or not having some debts dismissed.
Documents to be filed Your lawyer will assist with filing your petition and other paperwork. But it's on you to gather all relevant documentation of all your financial assets, earnings and debts. A stay of automatic in effect immediately and means that the majority of creditors are unable to take legal action against you or garnish your wages. They can also not make contact with you to request payments.
Trustee assumes the responsibility: After the petition has been filed, the bankruptcy trustee appointed by the court will start managing the process.
Meeting of creditors The trustee will schedule an opportunity for you to meet with your lawyer, and creditors. You'll have to answer concerns from trustees and creditors about your bankruptcy forms and finances.
Your eligibility is determined: After reviewing your application the trustee will verify your eligibility for Chapter 7.
Nonexempt property handled: The trustee determines whether the assets that aren't exempted are worth selling, so that the proceeds can be given to creditors. The property that is exempt can be jewelry, or the equity in your house or vehicle, if it's more than your state's exemption limit. The majority of individual Chapter 7 cases, however, are "no asset" situations where there are no items that are nonexempt to liquidate.
Secured debts: To resolve those secured obligations, asset held as collateral may be ordered to be returned to the creditor. You may also be able to redeem the collateral (you pay the creditor what it is worth today) or to reaffirm the credit (arrange to keep the debt out from bankruptcy, and continue to repay it).
Education course: Before your case is dismissed, you'll be required to attend financial education from a qualified non-profit credit counseling agency.
Discharge: Three to six months after filing your petition, your case will be discharged. This means that any debts that are eligible are paid. Shortly thereafter your case will be closed.

Is Chapter 7 bankruptcy right for you?


Make sure you know the distinction between Chapter 7 and Chapter 7. It is logical in situations such as:
There aren't many assets for you.
Your problem debts total more than 50% of your annual income.
The problem debts you have may be paid off or forgiven through Chapter 7. These include debts such as medical bills, credit card debt and personal or payday loans.
It could take five years or more to be able to pay off your debts even if you had taken extreme measures.

Certain debts aren't erased through bankruptcy, such as recent tax bills or child support, as well as student loans. However, bankruptcy may still be an option though, if erasing other types of debt could allow you to pay for the debts which cannot be eliminated.
The second most common type of bankruptcy for consumers, Chapter 13, may be better if you have greater assets, or have secured loans and you can pay back a portion or all of what you are owed.
are available, too for example, a debt management plan through a agency. You can also take advantage of the initial free advice counsellors for credit and bankruptcy attorneys offer before deciding on a path.
Rebuilding after bankruptcy


Your financial life and especially your credit rating -requires some care following, but having a number of debts remediated is an excellent start.
Take two steps to :
Make a financial plan: Build your budget, set financial goals, and think about enlisting the free help of a nonprofit credit counselor to help you along the route.
Restore your creditby making every payment on time, maintain your credit balances at a minimum and .

Commonly asked questions Will bankruptcy damage my credit score?


When you're ready to file for bankruptcy, your credit files may have a few scratches from late payments or discharged accounts. Following a bankruptcy discharge however, your credit scores are expected to rise within the next six months.







How do I file for bankruptcy on my own?


You should hire an attorney when filing for bankruptcy. There are many moving parts and one small error in a clerical record could lead to your case being dismissed.







How long does the process take for filing for bankruptcy?


There are a variety of steps to take when filing for bankruptcy, but with the help of a qualified bankruptcy attorney you will be able to complete the process within six months.









Can filing bankruptcy damage my credit score?
By the time you're ready to file for bankruptcy your credit file may contain some marks from disbursed or late-paying accounts. After a bankruptcy discharge, however, your credit scores are likely to rise within the next six months.


What about filing for bankruptcy on my own?
It is recommended to hire an attorney when applying for bankruptcy. There are many moving parts and one small error in a clerical record could result in your case being dismissed.


How long does the process take for filing for bankruptcy?
There are many steps when filing for bankruptcy, but with the help of a bankruptcy attorney who is experienced, you should be able to finish the process within six months.








Author bios: Sean Pyles is the director of production and host on the NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.







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