- 1). Attend a mandatory credit counseling session in the 180 days prior to the date you plan to file your bankruptcy petition. A credit counselor who is approved by the U.S. Trustee Program must conduct the credit counseling session.
- 2). Obtain your bankruptcy petition and bankruptcy forms. You can find these materials on the U.S. Courts website if you plan on filing for bankruptcy pro se. If you have a bankruptcy attorney representing you, the attorney will take care of your petition and forms for you.
- 3). Pay close attention to bankruptcy Schedule C--Property Claimed As Exempt. You will need this form to claim your home as an exemption. Bankruptcy exemptions are the property you can keep when filing for Chapter 7 bankruptcy. Your state lists the value you can keep in your home. Compare the amount of equity you have in your home to your state’s homestead exemption. If the amount of equity you have in your home equals or is less than the exemption amount, you can keep your home. If your state has no homestead exemption or a very small homestead exemption, try the federal homestead exemption. Some states allow you to claim the federal exemption, while others do not. See if your state allows for this exemption.
- 4). Fill out Schedule C. Describe the home. Specify the law that allows you to claim your home as exempt. If you are using your state exemption, fill in the statute that provides for the exemption. If you are using the federal exemption, let the bankruptcy court know that you are using Section 522(d)(1) of the Bankruptcy Code. State the value of your home and the value of the exemption you are claiming.
- 5). File your bankruptcy petition and bankruptcy schedules in the bankruptcy court serving your district. The filing of a Chapter 7 bankruptcy petition requires a $299 filing fee.
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