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Chapter 7 bankruptcy is designed to discharge debt and give you a faster fresh start. You may have to sell some nonexempt assets to pay as much of the debt as you can, but filers keep their homes in 90% of all consumer bankruptcy cases. Chapter 13 requires a payment plan to address the debt.
Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes. Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues.
How Much Debt Do You Have To Be In to File Chapter 7 Bankruptcy? When Do You Have to Surrender a Vehicle in Chapter 7 Bankruptcy? Can Chapter 7 Bankruptcy be Denied? Chapter 7 Bankruptcy Income Limits; Filing Chapter 7 With No Money; How Long Does Chapter 7 Bankruptcy Take? Chapter 11 Bankruptcy
How To File Chapter 7 With No Money If You’re Not Eligible For A Filing Fee Waiver. If your household income exceeds 150% of the federal poverty line, you may still easily pass the means test and qualify for debt relief under Chapter 7, but you won’t be eligible for a filing fee waiver from the bankruptcy court.
Process of Filing Chapter 7 Without Money. If you pass the means test, you can file for Chapter 7. You'll need to complete the required credit counseling and then file a petition with the bankruptcy court. If you cannot afford the filing fee, you can apply to have it waived or paid in installments.
If you don’t own any eligible assets, you can still file for Chapter 7 bankruptcy. This is called a no-asset case, and most Chapter 7 filings fall under this umbrella. Also, Chapter 7 is typically geared toward lower-income borrowers with little to no disposable income (more on that later).
A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.