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1. An individual filing bankruptcy can file under two different
chapters: Chapter 7 and Chapter 13. Most bankruptcy
petitions are filed under Chapter 7. A Chapter 7
bankruptcy relieves the debtor of most of their debts and
gives them an opportunity to start again in building and
maintaining credit.

2. Although the laws have changed significantly over the past
several years regarding Chapter 7 bankruptcy, the purpose
of filing Chapter 7 has not changed. Most people who file
Chapter 7 bankruptcy have found themselves with
insurmountable debt that they are unable to pay off. In
many cases, the debt has been accumulated on credit
cards that often have high interest rates. As the individual
struggles to pay even the minimum balance due, the credit
card balances continues to rise, leaving the debtor in a
financial quandary.

3. If an individual loses their job, gets divorced or is
hospitalized while already having high credit card debt,
the result can be financially catastrophic. Many individuals
who file a Chapter 7 bankruptcy earnestly want to pay off
their debts, but have no viable means in which to do so.
Someone who incurs $50,000 in debt can easily spend the
next twenty years paying it off, even at little or not
interest.

4. For this reason, thousands of people each year choose to
file Chapter 7 bankruptcy. A Chapter 7 bankruptcy must be
filed in Federal bankruptcy court through a bankruptcy
petition. Many people engage an attorney to take care of
this matter for them.

5. Once the Chapter 7 bankruptcy petition is filed, the debtor
is protected from creditors. During this period, which
usually lasts for 45 days, the individual must tell any
creditors who call that he or she has filed Chapter 7
bankruptcy. Once a creditor learns that an individual has
filed Chapter 7 bankruptcy, they are prohibited by federal
law for continuing to call for money, or from instigating a
lawsuit.

6. After the specified time period, the individual who files a
Chapter 7 bankruptcy will have to attend a hearing at
bankruptcy court. This is normally done in a room with the
individual, the trustee (who is the person assigned to
eliminate the debt and who is an officer of the court) and
the individual's attorney. The trustee generally asks the
debtor some questions in a fifteen minute process. After
this, the trustee makes a recommendation to the
bankruptcy court to discharge the debt. A discharge
statement is then mailed to the individual several months
later.

7. During the hearing, creditors may appear on their behalf
to argue against the bankruptcy. This rarely happens when
the creditors are lending companies and banks, as is the
case with credit card debt. In most cases, the Chapter 7
bankruptcy is quite easily accomplished without any
protests from creditors.

8. Chapter 7 bankruptcy is sometimes the only way out for
individuals who have acquired large debts that they will
never be able to pay. For this reason, most people who file
bankruptcy, do so under a Chapter 7 bankruptcy petition.

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