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Chapter 7 bankruptcies stay on consumers' credit reports for 10 years from their filing date.
If you have a limited income, unsecured debts or mostly exempt property, Chapter 7 is your best option. If one of those situations applies to you, you may be completely relieved of your debts without losing too many of your assets. On the other hand, filing for Chapter 7 bankruptcy only eliminates eligible debts.
In California, you can keep your home in Chapter 7 bankruptcy under certain circumstances, depending on the amount of equity you have in your principal residence. This is called the ?homestead exemption.? The amount of the exemption varies, depending on age, marital status and physical/mental condition.
ESR is an online tool to help individuals complete a Chapter 7 or Chapter 13 bankruptcy petition. It guides you step-by-step through the process, creates most of the forms needed for filing, performs all calculations, and allows you to submit electronically the petition package with the court.
You have some work to do filing forms and dividing up property, but about a month later, your creditors will receive notice about a meeting where your liquidation plan is laid out and they have 60 days to object to any debts being discharged. In total, the process should take around four months to complete.