An Overview Of Chapter 7 Bankruptcy Chapter 7 bankruptcy is sometimes called "straight" bankruptcy. This bankruptcy cancels most of your debts; in exchange, you might have to surrender some of your property. The whole Chapter 7 bankruptcy process usually takes three to six months, costs about $175 in filing fees, and commonly requires only one trip to the courthouse. To file for bankruptcy, you fill out a two-page petition and several other forms. Then you file the petition forms with the bankruptcy court in your area. Basically, the forms ask you to describe: Your property. You’re current income and its sources. Your current monthly living expenses. Your debts. Property you claim the law allows you to keep through the bankruptcy process (exempt property). Property you owned and money you spent during....

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