Intro to Chapter 7 Bankruptcy
Intro to Chapter 7 Bankruptcy
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How Chapter 7 Bankruptcy Works in 2025
Chapter 7 is a quick way to get out of debt for those who qualify for a discharge. Learn whether you are eligible to erase your bills and keep your property by filing for Chapter 7 bankruptcy and what to expect from the process.
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The Chapter 7 Bankruptcy Process
A typical Chapter 7 bankruptcy case is relatively straightforward. You will spend most of your time completing the bankruptcy petition, schedules, and other forms, which will require you to list your debts, assets, financial transactions, and so on. Once you've filed your paperwork, the bankruptcy trustee takes over your case.
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Chapter 7 Bankruptcy Document Checklist
Our checklist will help you assemble the documents required to complete your Chapter 7 bankruptcy petition and help you gather the documents you’ll need to provide to the Chapter 7 trustee after filing.
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Chapter 7 Bankruptcy for Corporations and LLCs
Filing for business bankruptcy means someone else steps in to liquidate your business’s assets and settle its debts (in this case, the bankruptcy trustee).
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Most people file what is often referred to as a no-asset Chapter 7 bankruptcy case, which is a case without any property that the bankruptcy trustee can take and sell to repay creditors.
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Can I File for Chapter 7 Bankruptcy If I Am Unemployed?
There is no bar to filing for bankruptcy if you are unemployed. Like all Chapter 7 bankruptcy filers, you'll have to pass the means test in order to file for Chapter 7. The lower your income, the easier it is to pass.
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What to Expect at a Chapter 7 Reaffirmation Hearing
A Chapter 7 reaffirmation contract makes you personally liable for an obligation eliminated in bankruptcy. Many debtors reaffirm secured debts like car loans to protect against losing the vehicle after bankruptcy.
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Typical Lawyer Fees in Chapter 7 Bankruptcy
Although attorney fees vary significantly, the average bankruptcy lawyer charges $1,200 to $2,000 for Chapter 7 bankruptcy services. Learn the factors determining the cost you'll pay a Chapter 7 attorney for bankruptcy representation.
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Chapter 7 Bankruptcy for Partnerships
Depending on the type of partnership and the value of the partnership assets, filing for Chapter 7 is often not a good solution for the partners. Learn the predominant reasons why Chapter 7 is often more harmful than helpful to partnerships.
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How Long Will My Chapter 7 Bankruptcy Case Last?
A Chapter 7 bankruptcy is a relatively quick process, and you can expect your case to last four to five months. This timeline, however, varies depending on your assets, litigation, and more.
Chapter 7 Compared to Chapter 13
Chapter 7 Compared to Chapter 13
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Converting Chapter 13 to Chapter 7 Bankruptcy
If your income drops and you can’t pay your Chapter 13 payment, it’s possible to convert to Chapter 7 bankruptcy and discharge qualifying debts quickly. But because it isn’t always possible, you’ll want to explore other options as well.
Q&A: Chapter 7 Bankruptcy
Q&A: Chapter 7 Bankruptcy
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What happens to my paid off car in a Chapter 7 Bankruptcy filing?
Learn why what happens to a paid-off car in Chapter 7 bankruptcy will depend on several factors, including the car's value and whether the debtor can protect the equity with a bankruptcy exemption.
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Will My Debt Get Discharged If I Forget To List it in My Chapter 7 Bankruptcy?
Whether a Chapter 7 discharge will erase unlisted debt will depend on whether the Chapter 7 bankruptcy trustee distributes money to your creditors and the discharge rules where you file the case.
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Should I List Pending Lawsuits in My Chapter 7 Bankruptcy Case?
Like all assets, pending lawsuits and claims must be listed in the Chapter 7 bankruptcy petition and schedules. Purposefully failing to disclose lawsuits and legal claims would be considered bankruptcy fraud.
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Bankruptcy Chapter 7 Means Test
The Chapter 7 means test looks at your income, and in some cases, expenses and debts, to determine whether you could afford to pay back at least some of your debts. If so, you won't be allowed to use Chapter 7.
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Chapter 7 Bankruptcy Document Checklist
Our checklist will help you assemble the documents required to complete your Chapter 7 bankruptcy petition and help you gather the documents you’ll need to provide to the Chapter 7 trustee after filing.
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Can I File for Chapter 7 Bankruptcy If I Am Unemployed?
There is no bar to filing for bankruptcy if you are unemployed. Like all Chapter 7 bankruptcy filers, you'll have to pass the means test in order to file for Chapter 7. The lower your income, the easier it is to pass.
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How to Use the Wildcard Exemption in Bankruptcy
The wildcard exemption in Chapter 7 and 13 bankruptcy provides a way to protect more of your assets from liquidation during bankruptcy. The exemption allows you to protect property not generally covered under other exemptions.
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The Motor Vehicle Exemption in Chapter 7 Bankruptcy
Most states let you protect or “exempt” some equity in your car, van, truck, or motorcycle using the motor vehicle exemption. You can keep the car in Chapter 7 bankruptcy if you can exempt its equity and meet other requirements.
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If you file for Chapter 7 bankruptcy, whether you can keep your home depends, in large part, on your state's homestead exemption.
