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0:25 Ben's bankruptcy story
0:59 What is Chapter 7 bankruptcy?
1:26 Costs to file Chapter 7
2:01 How to file Chapter 7 without hiring a lawyer
2:11 Debts you CAN get rid of with Chapter 7 bankruptcy
2:50 What you need to know about secured debts (home and car loans) & bankruptcy
3:13 Pros and cons of filing bankruptcy
4:27 Is Chapter 7 bankruptcy right for you?
4:56 When Chapter might not be the right choice for you

How to discharge federal student loans in Chapter 7: https://link.upsolve.org/studentloanb...
How to safely file bankruptcy when you own a home or car (or have secured debts): https://link.upsolve.org/filebankrupt...

🎥 ⏪ Video Recap:
What is Chapter 7 Bankruptcy?
A legal tool designed to provide debt relief and give you a fresh start financially.

How much does Chapter 7 cost?
Costs vary, depending on whether you file for fee waivers for courses and the filing fee and whether or not you hire a lawyer, which can cost $1,500 or more.

If you have a simple Chapter 7 case, you may qualify to use Upsolve’s free filing tool.

What kinds of debts can be included in Chapter 7?
Credit card debt
Medical bills
Personal loans
Payday loans
Past-due utility bills
Tax debts that are more than 3 years old
Federal student loans (though there’s a separate qualifying process for student loans… learn more here https://link.upsolve.org/studentloanb...)

What debts can't be discharged in Chapter 7 bankruptcy?
Debts that can’t be discharged unless you agree to give up the property: car loans, home loans. You also can't discharge some student loans, child support obligations, and newer tax debt. To learn more visit: https://upsolve.org/learn/non-dischar...

What are the pros of Chapter 7?
✅ It’s fast – for most people, it takes 6 months or less
✅ All your eligible debts are wiped out – you don’t have to repay any portion of your qualifying debt.
✅ It stops collection efforts immediately, including collection calls and letters and debt lawsuits.
✅ Most Chapter 7 cases are successful and most filers keep all their property (all property is protected by exemptions)

What are the cons of Chapter 7?
❌ If you’re starting with a good credit score, your score will probably drop at least short-term.
❌ It can be more expensive than other debt-relief options– though many people qualify for fee waivers.
❌ It’s unlikely, but if your property isn’t protected by law, you may lose it.
❌ You have to qualify to file– you may not be eligible for Chapter 7 if your income is too high.

So, who stands to benefit the most from Chapter 7?
🟢 Folks with low incomes who have more debt than they can reasonably repay
🟢 People who need some immediate relief from creditors or if your mental health is struggling due to the anxiety of the debt and debt collectors.

Chapter 7 might not be your best option if...
🔴 Your income is too high
🔴 You have expensive property like a house or land that you want to keep
🔴 You think you can repay your debt in a few years with a solid plan

If Chapter 7 isn't right for you, you might want to look into other debt-relief options like debt settlement, debt consolidation, or a Debt Management Plan. Check out our videos on each of these topics here:    • How to Get Out of Debt | Best Strategies &...