Here is a very basic overview of the process.

It is not legal advice - do not make any financial decisions based on this information alone:

Three types of Debt:

• Debts that are cancelled:
  Credit cards, medical bills, deficiency on a repossessed car, old cell phone bills, personal "signature loans" to the bank, payday loans, bank utilities.
• Debts that remain "no matter what":
  Income taxes less than three years old, back and current child support, back and current spousal support, bounced checks to merchants other than payday loan businesses, student loans, criminal fines, debts incurred due to fraud, damages resulting from driving while intoxicated, debts incurred on a credit card within 90 days of filing, for non-necessary items.
• Secured Debts:
  Mortgage, car payment, Nebraska Furniture Mart, Dell, Best Buy, title loans on vehicles or equipment. You can retain the property and pay for it, or you can surrender the property and cancel the note, even if you owe more on the note than what the collateral is worth.

Two main types of bankruptcy available to you:

• Chapter 7:
  Cancels dischargeable debt. Cancels notes on secured property you surrender. Does not affect non-dischargeable debt. In order to keep secured property, you must sign an agreement with the creditor, removing the claim from bankruptcy and making you personally liable on the debt.
• Chapter 13:
  Cancels dischargeble debt once you complete your Plan. Non-dischargeable debt, and secured debt on property you keep, are placed into a Plan along with attorney fees, court fees, and administrative costs. You pay this Plan off in 3-5 years.

Filing limits:

• You cannot file a Chapter 7 if you filed a Chapter 7 less than eight years ago, and received a discharge.
• You cannot file a Chapter 7 if you filed a Chapter 13 less than six years ago, completed the Plan, and received a Chapter 13 discharge.
• You can file a Chapter 13, but cannot receive a discharge, if you filed a Chapter 7 less than four years ago, and received a discharge.

Exempt Property:
This varies by State. Kansas statutes allow you to keep your homestead, one vehicle per filing person, your retirement accounts, jewelry up to $1,000 per person, tools of the trade up to $7,500, whole life insurance policies, clothing, household furnishings.