What Is Chapter 7 Bankruptcy?

<!DOCTYPE html> <html lang="en-US"> <head> <title>What Is Chapter 7 Bankruptcy?</title> <meta charset="UTF-8"> <meta name="viewport" content="width=device-width, initial-scale=1" > <meta name="title" content="What is Chapter 7 bankruptcy?" > <meta name="datePublished" content="2024-07-18T20:25:33Z" > <meta name="dateModified" content="2025-02-06T20:47:16Z" > <meta name="news_keywords" content="Personal Finance, Credit, Credit Score" > <meta name="description" content="Learn what Chapter 7 bankruptcy is, how it works, who qualifies, and its impact on your finances." > <meta property="author" content="Jennifer Streaks" > <meta property="article:publisher" content="businessinsider" > <meta name="tbi-vertical" content="Personal Finance" > <meta property="og:title" content="What is Chapter 7 bankruptcy?" > <meta property="og:description" content="Learn what Chapter 7 bankruptcy is, how it works, who qualifies, and its impact on your finances." > <meta property="og:type" content="article" > 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Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"What is Chapter 7 Bankruptcy?","alternativeHeadline":"What is Chapter 7 bankruptcy?","image":{"@type":"ImageObject","url":"https://i.insider.com/642314af98d7d200182296bd?width=1200&format=jpeg","width":1200,"height":900},"name":"What is Chapter 7 bankruptcy?","datePublished":"2024-07-18T20:25:33Z","dateModified":"2025-02-06T20:47:16Z","description":"Learn what Chapter 7 bankruptcy is, how it works, who qualifies, and its impact on your finances.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit score services to help you make smart decisions with your money.Most debt problems can be solved with a little finessing and perhaps a debt relief option like debt consolidation or even a debt settlement program. However, at the bottom of Pandora's box of debt relief options, there's bankruptcy. Of the six types of bankruptcy, Chapter 7 is for the most drastic debts.You can think of Chapter 7 bankruptcy like losing at Monopoly, where all your properties go to the player you owe money to, and you leave the game. Though drastic and complicated, it gives you a clean slate once proceedings are over, at the cost of most of your belongings and your credit score. Chapter 7 bankruptcy is a section of the United States Bankruptcy Code that gives a debtor, the person in debt, a chance to wipe away their debts. However, this comes at a cost. According to Jonathan Carson, CEO of bankruptcy services firm Stretto, \"Chapter 7 bankruptcy involves the liquidation of a debtor's assets.\" For this reason, it is sometimes called liquidation bankruptcy.Businesses and individuals can use Chapter 7 bankruptcy to get out of debt by eliminating most unsecured debts and selling non-exempt assets to repay creditors, explains Wayne Mortenson, a bankruptcy attorney at Mortenson Law Offices. A business that undergoes Chapter 7 bankruptcy closes once proceedings are completed.During Chapter 7 bankruptcy, secured and unsecured debts are treated differently.A secured debt is backed by collateral and is not dischargeable under Chapter 7. A home purchased with a mortgage or an auto loan is an example of a secured debt. \"What you owe on your house is secured by the value of the house,\" explains Miriam Galston, a law professor at George Washington University Law School who teaches bankruptcy. Galston says that during Chapter 7 proceedings, secured creditors can seize an asset in which they have a secured interest to recoup the money the debtor owes them. If the debtor still owes the creditor money after the sale, the remaining debt is considered unsecured. Any remaining proceeds are distributed among unsecured creditors.Unsecured debts are not backed by collateral. Many of these debts can be discarded during Chapter 7 bankruptcy proceedings, including credit card debt, medical bills, and personal loans. In exchange for this discharge of debt, the debtor must sell many of their non-exempt assets, which are non-essential assets such as luxury cars, collectible items, or vacation homes. However, not all unsecured debts can be discharged under Chapter 7. \"Taxes, student loans, and child support obligations are generally not dischargeable in bankruptcy,\" Mortenson says.When it comes to businesses, \"there is no discharge of debts because, by law, the debtor business must liquidate and cease to exist,\" explains Galston.Carson explains that Chapter 7 bankruptcy focuses on liquidating a debtor's assets to repay creditors, which can take a few months. This differs from other forms of bankruptcy, such as Chapter 11 and Chapter 13, that require formal repayment plans and can take years to complete. Debtors may also retain their assets while paying down their debts under Chapter 11 and Chapter 13 bankruptcy, though they have the right to sell. In Chapter 7 bankruptcy, a trustee takes control of assets and manages the process. This is also true of Chapter 13 bankruptcy. However, unlike Chapter 7, which is available to businesses and individuals, Chapter 13 is only available to individuals. In Chapter 11 bankruptcy, a trustee is not involved in the process, and the debtor retains control of their assets. \"If a debtor does not have significant assets or the means to repay their creditors, they would likely choose Chapter 7 bankruptcy to liquidate any assets that they have and discharge their debt,\" says Carson. The cost of filing for bankruptcy is also a factor. Filing for Chapter 7 bankruptcy is less expensive than other forms, partly because it takes far less time to complete, so the legal fees are lower.However, Chapter 7 bankruptcy is not an option for all debtors. Anyone who wants to file for Chapter 7 bankruptcy must pass a means test first. The means test is designed to prevent abuse of the bankruptcy system and weed out those who can afford to pay some of their debts.The means test has two parts. The first part examines whether the debtor's income is less than or higher than the median income in their state. If the debtor's income is lower than the median income in their state, they will typically be able to file for Chapter 7 bankruptcy. However, if it is higher, they move on to step two.The second step has you subtract monthly expenses for necessities such as food, housing, medical, and transportation from the debtor's monthly income. The more money left at the end of each month, the less likely the debtor will qualify for Chapter 7 bankruptcy. Individual debtors who don't pass the Chapter 7 means test often file for Chapter 13 bankruptcy instead.Carson explains that Chapter 13 bankruptcy is more attractive than Chapter 7 for some debtors because it allows them to maintain control of their assets. At the same time, they commit to a formal plan to repay creditors. \"Typically, an individual chooses to file Chapter 13 bankruptcy if they have a significant asset that they would like to keep, such as a home,\" Carson says.\"Chapter 7 bankruptcy is typically a quicker and less expensive process than other forms of bankruptcy,\" says Mortenson. Filing fees are lower for Chapter 7 bankruptcy than other forms of bankruptcy. Because it is a faster process, legal fees may be lower. Whereas Chapter 7 bankruptcy is usually completed in months, Chapter 11 and Chapter 13 bankruptcy proceedings typically span over years.To declare Chapter 7 bankruptcy, the debtor files a Chapter 7 petition with a United States Bankruptcy Court, explains Carson. The process is the same for both individuals and businesses. The fee for filing for Chapter 7 bankruptcy is $338. Debtors must also pay a $15 trustee fee to help offset the cost of the court-appointed administrator overseeing asset liquidation.An individual with debt primarily comprised of consumer credit has additional submitting requirements. They must submit a certificate of credit counseling and a copy of a debt repayment plan developed in credit counseling. They must also show evidence of payment from employees received 60 days before filing, if it exists, and a monthly net income statement with any anticipated income or expense increases post-filing.Because declaring Chapter 7 bankruptcy is complex, \"it is common practice for a debtor to hire an attorney, or a law firm, to provide legal advice, to file the case, and to help manage the process,\" says Carson.During Chapter 7 bankruptcy, a court-appointed trustee takes control of the debtor's assets. The trustee oversees and manages the liquidation of the debtor's assets, and the proceeds are used to repay creditors,\" explains Carson.However, individuals who declare Chapter 7 bankruptcy don't have to sell everything they own or forfeit all of their savings.Some assets are exempt from liquidation if the court-appointed trustee considers them necessities. \"Exempt property typically includes necessary items such as clothing, household goods, and personal vehicles, but can vary by state,\" says Mortenson. Notably, there are limits on the value of exempt property in most states. For example, an older sofa would likely be exempt from sale, but a high-end designer sofa would likely be liquidated. An older mid-range car might be considered exempt, but a newer luxury car would probably be liquidated.Assets likely to be liquidated include vacation or rental homes, second cars, valuable musical instruments that aren't needed for work, coin and stamp collections, family heirlooms, art, expensive jewelry, and savings outside retirement accounts.The way family homes are treated under Chapter 7 bankruptcy varies by state. \"In most, but not all, states, a debtor's home is exempt up to a certain amount,\" Galston says. \"If the homestead exemption is $50,000 in a state, the debtor does not actually get to keep the home but is given the first $50,000 of proceeds derived from the sale after the secured creditor gets its share of the proceeds since exemptions do not defeat a security interest,\" she explains.Bankruptcies are reported on your credit reports under the public records category. While the credit bureaus used to include tax liens and monetary judgments in this category as well, as of 2018, bankruptcies are the only form of public records that still appear on your credit report. A bankruptcy will significantly affect your credit score, lowering your score by over 200 points if you have a very good or excellent credit score. The lower your credit score is when you declare bankruptcy, the lighter impact it will have, though it will still set you back way further than if you incurred a delinquency on your credit report.You'll continue to feel this impact for years. According to Carson, when individuals file for Chapter 7 bankruptcy, the bankruptcy stays on their record for seven to 10 years. \"Companies that file Chapter 7 ultimately cease operating and wind down their affairs,\" he says. The advantages of Chapter 7 bankruptcy include that it is typically quicker and less expensive than other types of bankruptcy. It wipes away your debts so you can start with a clean slate.The disadvantages of Chapter 7 bankruptcy include serious, long-term consequences for your credit score. Companies that declare Chapter 7 bankruptcy close completely. Most unsecured debts, like credit card debt and medical bills, are discharged in Chapter 7 bankruptcy. Taxes, student loans, and child support obligations are usually not discharged.Whether you lose your home if you file for Chapter 7 bankruptcy depends on factors like the amount of equity in your home and state exemptions.You may be able to keep certain assets after filing for Chapter 7 bankruptcy, depending on state and federal exemption laws.","articleSection":"Personal Finance, Credit, Credit Score","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What are the advantages of Chapter 7 bankruptcy?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">The advantages of Chapter 7 bankruptcy include that it is typically quicker and less expensive than other types of bankruptcy. 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class="byline-author headline-regular"> <span class="headline-regular">Written by</span> <span class="" data-e2e-name="Jennifer Streaks" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/jennifer-streaks" >Jennifer Streaks</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/libby-kane" >Libby Kane</a> </div> <time class="byline-timestamp headline-regular js-date-format" data-timestamp="2024-07-18T20:25:33Z" data-e2e-name="byline-timestamp" data-disable-relative-formatting > 2024-07-18T20:25:33Z </time> </div> </div> </div> </div> <section class="sharebar " data-component-type="legacy-share" data-load-strategy="interaction" data-location="" > <div class="share-button-dropdown-wrapper"> <button class="share-button sharebar-link headline-regular"><svg class="svg-icon share-icon " 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However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/credit-score/methodology" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate credit score services</a> to help you make smart decisions with your money.</aside> <div class="col-12"> </div> <figure class="figure image-figure-image as-notched" data-type="img" data-e2e-name="image-figure-image" data-media-container="image" itemscope itemtype="https://schema.org/ImageObject" > <div class="aspect-ratio" style="padding-top: calc(100% / (8442 / 4221))" > <meta itemprop="contentUrl" content="https://i.insider.com/6423149f98d7d200182296ac?width=700"/> <img src="https://i.insider.com/6423149f98d7d200182296ac?width=700" srcset="https://i.insider.com/6423149f98d7d200182296ac?width=400&format=jpeg&auto=webp 400w, https://i.insider.com/6423149f98d7d200182296ac?width=500&format=jpeg&auto=webp 500w, https://i.insider.com/6423149f98d7d200182296ac?width=700&format=jpeg&auto=webp 700w, https://i.insider.com/6423149f98d7d200182296ac?width=1000&format=jpeg&auto=webp 1000w, https://i.insider.com/6423149f98d7d200182296ac?width=1300&format=jpeg&auto=webp 1300w, https://i.insider.com/6423149f98d7d200182296ac?width=2000&format=jpeg&auto=webp 2000w" sizes="(min-width: 1280px) 900px" alt="Woman closes door on business after declaring Chapter 7 bankruptcy" decoding="sync" /> </div> <span class="image-source-caption with-caption-drawer"> <input class="caption-drawer-input" type="checkbox" id="caption-drawer-checkbox"> <label class="caption-drawer-label" for="caption-drawer-btn"> <svg class="svg-icon chevron-down-icon caption-drawer-icon" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 24 24" > <path fill="currentColor" fill-rule="evenodd" d="m19.44 5.5-7.486 7.72L4.56 5.594 2 8.234 11.954 18.5 22 8.14 19.44 5.5Z"/> </svg> </label> <figcaption class="image-caption headline-semibold" data-e2e-name="image-caption" > <span class="image-caption-text">Chapter 7 bankruptcy proceedings usually takes between four to six months.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > LumiNola/Getty </span> </span> </figcaption> </span> </figure> <div> <section class="post-content typography pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <p></p><ul class="summary-list"><li>Chapter 7 bankruptcy involves liquidating a debtor's non-essential assets to repay creditors.</li><li>Chapters 11 and 13 are more expensive and longer than Chapter 7, but you can keep your assets.</li><li>Chapter 7 bankruptcy will significantly lower your credit score and stay on your credit report for 10 years.</li></ul><p>Most debt problems can be solved with a little finessing and perhaps a <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-debt-relief" data-analytics-product-module="body_link" rel="">debt relief</a> option like <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-consolidate-debt" data-analytics-product-module="body_link" rel="">debt consolidation</a> or even a <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-debt-settlement" data-analytics-product-module="body_link" rel="">debt settlement</a> program. However, at the bottom of Pandora's box of debt relief options, there's bankruptcy. Of the six <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-score/what-does-bankruptcy-mean-definition" data-analytics-product-module="body_link" rel="">types of bankruptcy</a>, Chapter 7 is for the most drastic debts.</p><p>You can think of Chapter 7 bankruptcy like losing at Monopoly, where all your properties go to the player you owe money to, and you leave the game. Though drastic and complicated, it gives you a clean slate once proceedings are over, at the cost of most of your belongings and your credit score. </p><h2 id="742b81cd-c70f-4e22-9a16-4ccead98dfee" data-toc-id="742b81cd-c70f-4e22-9a16-4ccead98dfee" data-toc-label="What is Chapter 7 bankruptcy?"><strong>An introduction to Chapter 7 bankruptcy</strong></h2><p>Chapter 7 bankruptcy is a section of the United States Bankruptcy Code that gives a debtor, the person in debt, a chance to wipe away their debts. However, this comes at a cost. According to Jonathan Carson, CEO of bankruptcy services firm <a target="_blank" rel="noopener nofollow" href="https://www.stretto.com/our-experts/jonathan-carson/" data-analytics-product-module="body_link">Stretto</a>, "Chapter 7 bankruptcy involves the liquidation of a debtor's assets." For this reason, it is sometimes called liquidation bankruptcy.</p><p>Businesses and individuals can use Chapter 7 bankruptcy to get out of debt by eliminating most unsecured debts and selling non-exempt assets to repay creditors, explains Wayne Mortenson, a bankruptcy attorney at <a target="_blank" rel="noopener nofollow sponsored" href="https://www.iwipeoutdebt.com/" data-analytics-product-module="body_link">Mortenson Law Offices</a>. A business that undergoes Chapter 7 bankruptcy closes once proceedings are completed.</p><h2 id="1c9f5cf5-0f1d-4c54-887b-10e50c3aec3a" data-toc-id="1c9f5cf5-0f1d-4c54-887b-10e50c3aec3a" data-toc-label="What happens during Chapter 7 bankruptcy?"><strong>How Chapter 7 bankruptcy works</strong></h2><p>During Chapter 7 bankruptcy, secured and unsecured debts are treated differently.</p><p>A secured debt is backed by collateral and is not dischargeable under Chapter 7. A home purchased with a mortgage or an auto loan is an example of a secured debt. "What you owe on your house is secured by the value of the house," explains <a target="_blank" rel="noopener" href="https://www.law.gwu.edu/miriam-galston" data-analytics-product-module="body_link">Miriam Galston</a>, a law professor at George Washington University Law School who teaches bankruptcy. </p><p>Galston says that during Chapter 7 proceedings, secured creditors can seize an asset in which they have a secured interest to recoup the money the debtor owes them. If the debtor still owes the creditor money after the sale, the remaining debt is considered unsecured. Any remaining proceeds are distributed among unsecured creditors.</p><p>Unsecured debts are not backed by collateral. Many of these debts can be discarded during Chapter 7 bankruptcy proceedings, including credit card debt, medical bills, and personal loans. In exchange for this discharge of debt, the debtor must sell many of their non-exempt assets, which are non-essential assets such as luxury cars, collectible items, or vacation homes. However, not all unsecured debts can be discharged under Chapter 7. "Taxes, student loans, and child support obligations are generally not dischargeable in bankruptcy," Mortenson says.</p><p>When it comes to businesses, "there is no discharge of debts because, by law, the debtor business must liquidate and cease to exist," explains Galston.</p><h3 id="d1a41655-5615-49e0-bd12-5efe36e4fede" data-toc-id="d1a41655-5615-49e0-bd12-5efe36e4fede" data-toc-label="How does Chapter 7 bankruptcy differ from other forms of bankruptcy? "><strong>Key features of Chapter 7 bankruptcy</strong></h3><p>Carson explains that Chapter 7 bankruptcy focuses on liquidating a debtor's assets to repay creditors, which can take a few months. This differs from other forms of bankruptcy, such as Chapter 11 and Chapter 13, that require formal repayment plans and can take years to complete. Debtors may also retain their assets while paying down their debts under Chapter 11 and Chapter 13 bankruptcy, though they have the right to sell. </p><p>In Chapter 7 bankruptcy, a trustee takes control of assets and manages the process. This is also true of Chapter 13 bankruptcy. However, unlike Chapter 7, which is available to businesses and individuals, Chapter 13 is only available to individuals. In Chapter 11 bankruptcy, a trustee is not involved in the process, and the debtor retains control of their assets. </p><h2 id="a9ecc5de-1fe7-4e83-9601-3abc996872b3" data-toc-id="a9ecc5de-1fe7-4e83-9601-3abc996872b3" data-toc-label="Who should consider declaring Chapter 7 bankruptcy?"><strong>Who qualifies for Chapter 7 bankruptcy?</strong></h2><p><strong>"</strong>If a debtor does not have significant assets or the means to repay their creditors, they would likely choose Chapter 7 bankruptcy to liquidate any assets that they have and discharge their debt," says Carson. The cost of filing for bankruptcy is also a factor. Filing for Chapter 7 bankruptcy is less expensive than other forms, partly because it takes far less time to complete, so the legal fees are lower.</p><h3 id="f0865a80-245a-4ada-afa1-3b57578fca4f" data-toc-id="f0865a80-245a-4ada-afa1-3b57578fca4f">Means test for Chapter 7 Bankruptcy</h3><p>However, Chapter 7 bankruptcy is not an option for all debtors. Anyone who wants to file for Chapter 7 bankruptcy must pass a means test first. The means test is designed to prevent abuse of the bankruptcy system and weed out those who can afford to pay some of their debts.</p><p>The means test has two parts. The first part examines whether the debtor's income is less than or higher than the median income in their state. If the debtor's income is lower than the median income in their state, they will typically be able to file for Chapter 7 bankruptcy. However, if it is higher, they move on to step two.</p><h3 id="0702d9f4-6f1a-4571-ad65-e65adfbe9018" data-toc-id="0702d9f4-6f1a-4571-ad65-e65adfbe9018">Income Requirements</h3><p>The second step has you subtract monthly expenses for necessities such as food, housing, medical, and transportation from the debtor's monthly income. The more money left at the end of each month, the less likely the debtor will qualify for Chapter 7 bankruptcy. Individual debtors who don't pass the Chapter 7 means test often file for Chapter 13 bankruptcy instead.</p><p>Carson explains that Chapter 13 bankruptcy is more attractive than Chapter 7 for some debtors because it allows them to maintain control of their assets. At the same time, they commit to a formal plan to repay creditors. "Typically, an individual chooses to file Chapter 13 bankruptcy if they have a significant asset that they would like to keep, such as a home," Carson says.</p><h2 id="2c9d5df0-e672-4147-94a3-289c6f4b575e" data-toc-id="2c9d5df0-e672-4147-94a3-289c6f4b575e" data-toc-label="How to declare Chapter 7 bankruptcy"><strong>The Chapter 7 bankruptcy process</strong></h2><p>"Chapter 7 bankruptcy is typically a quicker and less expensive process than other forms of bankruptcy," says Mortenson. Filing fees are lower for Chapter 7 bankruptcy than other forms of bankruptcy. Because it is a faster process, legal fees may be lower. Whereas Chapter 7 bankruptcy is usually completed in months, Chapter 11 and Chapter 13 bankruptcy proceedings typically span over years.</p><h3 id="57f73804-eaeb-4853-84f8-2bda48023407" data-toc-id="57f73804-eaeb-4853-84f8-2bda48023407"><strong>Filing for Chapter 7 bankruptcy </strong></h3><p>To declare Chapter 7 bankruptcy, the debtor files a Chapter 7 petition with a United States Bankruptcy Court, explains Carson. The process is the same for both individuals and businesses. The fee for filing for Chapter 7 bankruptcy is $338. Debtors must also pay a $15 trustee fee to help offset the cost of the court-appointed administrator overseeing asset liquidation.</p><p>An individual with debt primarily comprised of consumer credit has additional submitting requirements. They must submit a certificate of <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-credit-counseling" data-analytics-product-module="body_link" rel="">credit counseling</a> and a copy of a <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-debt-management-plan" data-analytics-product-module="body_link" rel="">debt repayment plan</a> developed in credit counseling. They must also show evidence of payment from employees received 60 days before filing, if it exists, and a monthly net income statement with any anticipated income or expense increases post-filing.</p><p>Because declaring Chapter 7 bankruptcy is complex, "it is common practice for a debtor to hire an attorney, or a law firm, to provide legal advice, to file the case, and to help manage the process," says Carson.</p><h3 id="f0f198c7-1fc3-4522-b757-5cb8ce2107ed" data-toc-id="f0f198c7-1fc3-4522-b757-5cb8ce2107ed"><strong>Liquidation Process</strong></h3><p>During Chapter 7 bankruptcy, a court-appointed trustee takes control of the debtor's assets. The trustee oversees and manages the liquidation of the debtor's assets, and the proceeds are used to repay creditors," explains Carson.</p><p>However, individuals who declare Chapter 7 bankruptcy don't have to sell everything they own or forfeit all of their savings.</p><p>Some assets are exempt from liquidation if the court-appointed trustee considers them necessities. "Exempt property typically includes necessary items such as clothing, household goods, and personal vehicles, but can vary by state," says Mortenson. Notably, there are limits on the value of exempt property in most states. For example, an older sofa would likely be exempt from sale, but a high-end designer sofa would likely be liquidated. An older mid-range car might be considered exempt, but a newer luxury car would probably be liquidated.</p><p>Assets likely to be liquidated include vacation or rental homes, second cars, valuable musical instruments that aren't needed for work, coin and stamp collections, family heirlooms, art, expensive jewelry, and savings outside retirement accounts.</p><p>The way family homes are treated under Chapter 7 bankruptcy varies by state. "In most, but not all, states, a debtor's home is exempt up to a certain amount," Galston says. "If the homestead exemption is $50,000 in a state, the debtor does not actually get to keep the home but is given the first $50,000 of proceeds derived from the sale after the secured creditor gets its share of the proceeds since exemptions do not defeat a security interest," she explains.</p><h2 id="d01a7e0d-3354-4f0a-a84f-7581d683e06a" data-toc-id="d01a7e0d-3354-4f0a-a84f-7581d683e06a" data-toc-label="How does Chapter 7 bankruptcy affect credit score"><strong>Impact of Chapter 7 bankruptcy on your finances</strong></h2><p>Bankruptcies are reported on your <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-credit-report" data-analytics-product-module="body_link" rel="">credit reports</a> under the public records category. While the credit bureaus used to include tax liens and monetary judgments in this category as well, as of 2018, bankruptcies are the only form of public records that still appear on your credit report. </p><h3 id="f5b46ab4-2a92-4b9b-82e0-938c87b0c2fa" data-toc-id="f5b46ab4-2a92-4b9b-82e0-938c87b0c2fa">Short-term financial impact</h3><p>A bankruptcy will significantly affect your credit score, lowering your score by over 200 points if you have a very good or <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/credit-score-basics" data-analytics-product-module="body_link" rel="">excellent credit score</a>. The lower your credit score is when you declare bankruptcy, the lighter impact it will have, though it will still set you back way further than if you incurred a <a target="_blank" href="https://www.businessinsider.com/personal-finance/delinquency-on-credit-report" data-analytics-product-module="body_link" rel="">delinquency</a> on your credit report.</p><h3 id="fd32959c-2952-49f0-8dcb-500e577c0cc8" data-toc-id="fd32959c-2952-49f0-8dcb-500e577c0cc8">Long-term financial consequences</h3><p>You'll continue to feel this impact for years. According to Carson, when individuals file for Chapter 7 bankruptcy, the bankruptcy stays on their record for seven to 10 years. "Companies that file Chapter 7 ultimately cease operating and wind down their affairs," he says. </p><iframe data-load-strategy="lazy" data-src="https://products.gobankingrates.com/pub/4a1ed106-7289-11ed-9a44-0a919b37cd73" scrolling="no" frameborder="0" width="100%" height="139px" style="max-width:595px;max-height:150px;"></iframe><h2 id="5451859e-75fc-484c-9de8-8a2a08f3533e" data-toc-id="5451859e-75fc-484c-9de8-8a2a08f3533e" data-toc-label="Chapter 7 bankruptcy frequently asked questions (FAQ)">Frequently asked questions about Chapter 7 bankruptcy</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What are the advantages of Chapter 7 bankruptcy? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">The advantages of Chapter 7 bankruptcy include that it is typically quicker and less expensive than other types of bankruptcy. It wipes away your debts so you can start with a clean slate.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What are the disadvantages of Chapter 7 bankruptcy? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">The disadvantages of Chapter 7 bankruptcy include serious, long-term consequences for your credit score. Companies that declare Chapter 7 bankruptcy close completely. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What debts are discharged in Chapter 7 bankruptcy? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Most unsecured debts, like credit card debt and medical bills, are discharged in Chapter 7 bankruptcy. Taxes, student loans, and child support obligations are usually not discharged.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Will I lose my home if I file for Chapter 7 bankruptcy? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Whether you lose your home if you file for Chapter 7 bankruptcy depends on factors like the amount of equity in your home and state exemptions.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can I keep any assets after filing for Chapter 7 bankruptcy? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">You may be able to keep certain assets after filing for Chapter 7 bankruptcy, depending on state and federal exemption laws. </p> </div> </div> </div><iframe data-src="https://products.gobankingrates.com/pub/63fc102c-ec11-4275-8058-84bf3767dcc9?targeting[subcategory]=credit&resize=1&ident=99&pub_inventory=credit-score/what-is-chapter-7-bankruptcy-pfi-credit" data-indent="99" scrolling="no" frameborder="0" width="100%" style="min-width:300px;max-height:475px;"></iframe> <script async="" type="text/javascript" id="go-banking-resize"> window.addEventListener('message', onGoBankingResize, false); function onGoBankingResize(e) { { if (e.origin === 'https://products.gobankingrates.com' && e.data) { if (e.data.source && e.data.id && undefined !== e.data.height) { var id = 'iframe[data-indent="' + e.data.id + '"]'; var chosenFrame = document.querySelector(id); if (chosenFrame) { var height = e.data.height + 'px'; chosenFrame.style.height = height; } } } } } </script><section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/jennifer-streaks" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="jennifer-streaks"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/62f3e3cecc15bf00182fc9c4?crop=1:1&width=256&format=jpeg&auto=webp" alt="Jennifer Streaks"> <noscript> <img class="no-script" src="https://i.insider.com/62f3e3cecc15bf00182fc9c4?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/jennifer-streaks" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Jennifer Streaks</div> </a> <div class="post-author_title headline-regular">Senior Personal Finance Reporter and Spokesperson</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Jennifer Streaks is a Personal Finance Expert and Journalist who writes about credit and all things money for Business Insider. Committed to financial literacy and economic empowerment, she has covered financial topics for over a decade, writing about her own experiences and sharing her expertise to give consumers actionable financial advice.</span><span>Along with exploring credit scores, credit reports, and how to build credit, Jennifer analyzes how current economic trends impact everyday people and offers her expert advice on budgeting, saving, and growing wealth in today’s economy. She regularly appears as an on-air financial commentator on programs like Good Morning America, Yahoo! Finance, CBS, and MSNBC.</span><span><span class="headline-semibold">Experience</span></span><span>Before joining Business Insider, Jennifer was a financial contributor for CNBC and covered personal finance, entrepreneurship, tech, and the economy for Forbes. Her work has appeared in TheGrio, Black Enterprise, and USA Today. </span><span>Jennifer is also the author of "<a href="https://www.amazon.com/Thrive-Affordably-month-month-breaking/dp/0692625941" rel=" nofollow">Thrive! ... Affordably: Your Month-to-Month Guide to Living Your Best Life Without Breaking the Bank</a>." The book offers advice, tips, and financial management lessons geared toward helping the reader highlight strengths, identify missteps, and take control of their finances.</span><span>Jennifer’s most important financial advice to her friends is to <em>always</em> have an emergency fund.</span><span><span class="headline-semibold">Expertise</span></span><span>Jennifer’s expertise includes:</span><ul><li><span>Credit scores</span></li><li><span>Credit history</span></li><li><span>Credit reports</span></li><li><span>Budgeting</span></li><li><span>Saving </span></li><li><span>Housing </span></li><li><span>Retirement</span></li><li><span>The economy</span></li><li><span>Financial trends</span></li></ul><span><span class="headline-semibold">Education</span></span><span>Jennifer earned an MBA from The Johns Hopkins University Carey School of Business and completed the Wharton Seminar for Business Journalists.</span><span>Jennifer is based in New York City.</span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> </div> </div> </div> </section> <section class="category-tagline body-italic"> <div> <p class="body-italic"><p style="font-size:14px;"><em>Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. <a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards">Read our editorial standards</a>.</em></p><p style="font-size:14px;"><em>Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.</em></p><p style="font-size:14px;"><em>**Enrollment required.</em></p></p> </div> </section></div> <section class="post-content-more"> <div class="inline-newsletter-signup headline-regular loading insider-today" id="formContainer" data-component-type="inline-newsletter-module" data-event-label="insider_today" data-newsletter-id="1" data-newsletter-title="Business Insider Today" data-acq-source="personalfinanceverticalinline" data-track-view={"subscription_experience":"bi_value_unassigned","product_field":"bi_value_unassigned","element_name":"inline_newsletter"} > <section class="inline-newsletter-content"> <div class="inline-newsletter-insider-today-header"> <div> <div class="inline-newsletter-logo-tag"> <div class="inline-newsletter-logo"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 24 / 318)" > <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src='/public/assets/BI/US/logos/newsletters/business-insider-today.svg' alt="Business Insider Today" /> <noscript> <img class="no-script" src="/public/assets/BI/US/logos/newsletters/business-insider-today.svg" /> </noscript> </div> </div> </div> <div class="newsletter-signup-header" id="signUpHeader" > Get the inside scoop on today's big stories<span class="homepage-newsletter-description-desktop"> - delivered daily</span>. </div> </div> </div> <div class="js-loader hidden"><svg class="svg-icon " version="1.1" xmlns="http://www.w3.org/2000/svg" role="img" width="50" height="50" viewBox="0 0 50 50" style="enable-background:new 0 0 50 50;" xml:space="preserve"> <path fill="#0a0a0a" d="M43.935,25.145c0-10.318-8.364-18.683-18.683-18.683c-10.318,0-18.683,8.365-18.683,18.683h4.068c0-8.071,6.543-14.615,14.615-14.615c8.072,0,14.615,6.543,14.615,14.615H43.935z"> <animateTransform attributeType="xml" attributeName="transform" type="rotate" from="0 25 25" to="360 25 25" dur="0.6s" repeatCount="indefinite"/> </path> </svg></div> <div class="error-request-message headline-regular hidden"></div> <div class="success-container__desktop d-none"> <div class="success-message-container"> <div class="success-message headline-semibold"> Thanks for signing up! 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