If you are thinking about filing for bankruptcy you should know what is really involved. There are two ways of going about filing for bankruptcy. One way is to file a chapter 7 bankruptcy. A chapter 7 bankruptcy can discharge you from your eligible debts by liquidating all your non-exempt assets like real estate, automobiles, boats, etc. The bankruptcy trustee will distribute the converted cash from the liquidation to your creditors to pay off your debts. A chapter 13 on the other hand will allow you to pay your debts in a three to five-year program. This also allows you to retain non-exempt assets. There is a bankruptcy application form to be filled in and it will contain all your personal information, financial background, recent financial activities, secured and non-secured debts, assets, creditors, tax returns, and all other related information. The bankruptcy application form will also serve as a petition to be filed to the local US court. I believe that there is a provision that was passed in some states by the court to prevent creditors from contacting the debtor for a month. This will give enough time for the court to process the case and also to prevent the creditors from seizing any property of the debtor. After a month, the creditors will be called for a meeting together with the debtor. The case will be settled but a judge will intervene if there is any objection. If things go as planned, the court will contact the debtor in four to six months to notify him of his discharge from debts.