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With a no-asset chapter 7 bankruptcy, the debtor will not lose any of their property. A ?no-asset? Chapter 7 bankruptcy means you do not have assets that the bankruptcy trustee can sell to pay your creditors.
Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets. However, if you do not have those kinds of debt or assets, or not much in terms of tangible assets, then Chapter 7 would likely be the faster and easier option.
The person filing for bankruptcy is the one who pays for the bankruptcy, either the individual or the creditor in a forced bankruptcy.
A bankruptcy will tarnish your credit report for 10 years. This will make it harder to apply for credit, which means you may have to hold off on major purchases. Buying a house, returning to school, even applying for a credit card will all become more difficult after you file.
While it may feel odd to pay fees to tell the courts you don't have enough money, you typically have to pay court fees to file for bankruptcy. The filing fee for a Chapter 7 bankruptcy is $338, while the filing fee for a Chapter 13 bankruptcy is $313.