Exempt property (items that a debtor may usually keep) can include:

• Motor vehicles, up to a certain value.
• Reasonably necessary clothing.
• Reasonably necessary household goods and furnishings.
• Household appliances.
• Jewelry, up to a certain value.
• Pensions.
• A portion of equity in the debtor’s home.

How much do you need to owe to file bankruptcy?

There is no threshold amount that you need to reach to file a bankruptcy. Some chapters of bankruptcy have debt limits, but there is no such thing as a debt minimum. That being said, you certainly can and should evaluate if filing a bankruptcy makes sense in your current situation.

When do you have to take credit counseling to file bankruptcy?

Every person who files for bankruptcy has to take a credit counseling course in the 6 months before their bankruptcy petition is filed with the court. This is a requirement in both Chapter 7 and Chapter 13 cases. The course has to be taken through a credit counseling agency that is approved by the Department of Justice.

When to file bankruptcy for credit card debt?

In Chapter 7 bankruptcy, the deadline for filing complaints challenging the dischargeability of a credit card debt is 60 days after the first meeting of creditors.

What happens to your creditors after you file bankruptcy?

Protection from your creditors begins immediately after filing for Chapter 7 or Chapter 13 bankruptcy. This is called the automatic stay. Once you file and the automatic stay takes effect, your creditors are not allowed to take collection action against you.

When do you have to pay the Chapter 7 bankruptcy fee?

If you can’t pay the entire Chapter 7 bankruptcy filing fee and you don’t qualify for a fee waiver, then you can apply to pay the filing fee in installments. You can ask to make four installment payments. The entire fee is due within 120 days after filing.