A Chapter 7 bankruptcy will remain on your credit reports and affect your credit scores for 10 years from the filing date; a Chapter 13 bankruptcy will affect your credit reports and scores for seven years. If you apply for credit, lenders may not approve your application unless the bankruptcy has been discharged.

What qualifies a person for a Chapter 7 bankruptcy?

You must pass a “means test” to qualify for Chapter 7 filing. The bankruptcy means test examines financial records, including income, expenses, secured and unsecured debt to determine if your disposable income is below the median income (50% lower, 50% higher) for your state.

What happens if you file a Chapter 7 bankruptcy?

Chapter 7 bankruptcy exemptions protect the day-to-day property that will be excluded from your bankruptcy filing. If your property is “exempt” from your Chapter 7 bankruptcy filing, it means that you get to keep that property.

Is there a way to file bankruptcy by yourself?

You can file online chapter 7 bankruptcy by yourself or with your spouse for the same one low fee. Onestop Bankruptcy Center does not charge extra for your spouse. Essentially, your spouse gets a free bankruptcy filing.

Do you have to file bankruptcy with OneStop?

There is no need to sweat them. Onestop Bankruptcy Center has you covered. Our documents include the exemptions and everything you will need to get your chapter 7 debts discharged the very first time, and you do not have to do anything but follow our simple directions. How about waiving the bankruptcy court filing fee?

Which is better Chapter 7 or Chapter 13 bankruptcy?

Chapter 7 and Chapter 13 bankruptcy are both powerful debt relief options for folks in need of a fresh start. But the pros and cons of filing Chapter 13 bankruptcy are quite different than for Chapter 7. If you have a high disposable income or non-exempt assets you want to protect, Chapter 13 may be right for you.