There are two alternatives 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 valuable property that is not exempted is sold in order to pay off your debts. Exempt property is that property that the government allows you to keep in order to live your life normally, like a car, clothes, furniture to sit on, etc. States are allowed to set different bankruptcy exemptions, as well as a set of Federal exemptions that can be used in some states.In order to be able to file a chapter 7 bankruptcy petition, have to be an individual, not a business or farm, you must take a credit counseling course from an sanctioned agency within the 180 days before filing for bankruptcy relief, and qualify the means test which is filed with your petition.In a chapter 7 bankruptcy petition, you will have to file schedules that list your creditors, assets, earnings and bills. Copies of tax returns, pay stubs and credit counseling certificate will also have to be filed. Bankruptcy filers who are married must provide the spouses information even if they are not filing bankruptcy together so the bankruptcy court can determine your ability to pay the debts.When finishing your petition, you will have the option to continue paying and saving your property if you are able to, such as your house or car, by making a reaffirmation agreement with the company that holds the debt. By reaffirming the debt you are recognizing that you intend to make payments. If the trustee approves your reaffirmation agreement, the creditor may have rights to collect payments and repossess the property even after your bankruptcy discharge.When you file your ch 7 bankruptcy documents you will have to pay up a filing fee of $299. This fee 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, creditors cannot call, collect or file lawsuits. Each of your credit companies will be given notice that you have filed bankruptcy and given a chance to respond. A 341 meeting will happen within 20-40 days. During this group meeting, the creditors and trustee can ask you questions.In the next 10 days the trustee rules on whether your case is abusive. 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. Once liquidation is completed, you are granted a discharge wiping out your debts.