There are two options for filing bankruptcy as a single person or married couple, chapter 7 and chapter 13 bankruptcy. Chapter 7 is often called liquidation as all of your property that is not exempt is sold in order to pay off your debts that you claim in the bankruptcy. Exempt property is that property that the bankruptcy court allows you to keep in order to live your life normally, like a automobile, clothing, furniture to sit on, etc. States are allowed to set different bankruptcy exemptions, as well as Federal exemptions that can be used in some states.In order to qualify to file a ch 7 bankruptcy petition, cannot be a business or farm, must be an individual, you must complete a credit counseling course from an approved agency within the 180 days before filing for chapter 7 bankruptcy relief, and qualify the means test which is filed with your petition.In a ch 7 petition, you will have to file statements that list your creditors, belongings, household income and living expenses. You will also have to provide copies of tax returns filed the last two years, pay stubs from the last 6 months, and your certificate from completing the credit counseling course. Married bankruptcy filers must provide the spouses information even if they are not going to be filing bankruptcy together so the bankruptcy court can determine the households ability to pay the debts.When completing your petition, you will have the option to keep paying and saving your property if you are able to, such as your house or car, by making a reaffirmation agreement with the creditor. By reaffirming the debt you are recognizing that you intend to make payments. If the trustee grants your reaffirmation agreement, the creditor may be able to file a lawsuit against you if you do not pay in the future.When you file your ch 7 bankruptcy petition you will have to pay a filing fee of $299. This cost can be paid in installments, up to 4 no later than 120 days after you file. Once you file, the bankruptcy stay is in effect, and your creditors cannot try to collect on the debts or continue lawsuits, or wage garnishments. Each of your debts will be advised that you have filed bankruptcy and yielded a chance to respond. A 341 meeting will happen within 20-40 days. During this group meeting, the bankruptcy trustee and your creditors may ask you questions under oath about your debts, assets, income, expenses and your ability to pay. Within 10 days of the meeting the trustee will rule on whether the case should be presumed as abusive under the means test. If your case is presumed to be abusive you will be given a chance to refile under chapter 13.Your assets that are not exempt are then liquidated and profits go to creditors. After liquidation a discharge is granted to you, which wipes out the rest of your debts.