• Will I have to give up all my assets?
  
• Do I have to list all my debts?
  
• Will I lose my house even if I'm current?
  
• Will the trustee come to my house?
  
• Does my spouse have to file bankruptcy with me?
  
• Will bankruptcy stop wage garnishments?
  
• Are there debts that I cannot discharge?
  
• Is the IRS affected by my bankruptcy filing?
  
• Can I keep my car?
  
• Will I be allowed to file bankruptcy?
  
• How do I know which chapter to file?
  
• Can I discharge my student loans?
  
• What do I have to do to file bankruptcy?
  
• Can I put my assets in someone else's name before filing?
  
• Will I lose my retirement savings?
  
• Can I get credit after bankruptcy?
  
• What if I can't make the payments on my Chapter 13 plan?
  
• Does a previous bankruptcy prevent me from filing?
  
• Are there tax consequences to filing bankruptcy?
  
• Can I file bankruptcy without a lawyer?

What do I have to do to
file bankruptcy?

Prior to filing bankruptcy, an individual must obtain a credit "briefing" from an approved agency that outlines opportunities for credit counseling. Failure to do so or to meet very restrictive exceptions will result in dismissal of a bankruptcy case.

A bankruptcy case is begun by filing a petition, schedules of assets and liabilities, and a statement of financial affairs with the bankruptcy court and paying the filing fee.

In order to file Chapter 7, an individual whose debts are primarily consumer debts must pass the "means test" or face a motion to dismiss the case or convert it to another chapter. Any individual with debts below the debt caps and a regular income can file Chapter 13.

Individual debtors must file paystubs ( called "payment advices" in the amendments) for the 60 days prior to the filing of the case with the court or the trustee and provide the trustee with the last filed tax return.

You will be required to attend at least one meeting of creditors (the § 341 meeting), in which the trustee and creditors who choose to come can ask you questions under oath about your financial affairs.

How long does it take? 

The process in Chapter 7 from filing to receipt of the discharge order is between 3 and 6 months, usually. During that period, the debtor generally does not have to do anything other than attend the first meeting of creditors and, in cases filed after 10/17/05, obtain financial management education as required by the 2005 amendments to the Code.  The most time consuming part of filing bankruptcy is usually preparing the schedules necessary to file the case.

The discharge affects debts that existed on the date the case was filed or have their origin in facts that occurred before the case was filed