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Payment to creditors You may have to go to this (or any other) meeting of your creditors. The trustee will tell the creditors how much money will be shared out in the bankruptcy. Creditors then have to make their formal claims. The costs of the bankruptcy proceedings are paid first from the money that is available.

Types of debt that cannot be discharged in bankruptcy include alimony, child support, and certain unpaid taxes. Other types of debt that cannot be alleviated in bankruptcy include debts for willful and malicious injury to another person or property.

What Will I Lose When Filing for Bankruptcy? The majority of those who file Chapter 7 bankruptcy do not lose any of their assets, but it's possible to lose nonexempt assets and properties when filing. A nonexempt asset is something that can be sold by a trustee to pay creditors.

Most people prefer Chapter 7 bankruptcy because, unlike Chapter 13 bankruptcy, it doesn't require you to repay a portion of your debt to creditors. In Chapter 13 bankruptcy, you must pay your creditors all of your disposable income?the amount remaining after allowed monthly expenses?for three to five years.

Key Takeaways. Types of debt that cannot be discharged in bankruptcy include alimony, child support, and certain unpaid taxes. Other types of debt that cannot be alleviated in bankruptcy include debts for willful and malicious injury to another person or property.

Maine Districts & Filing Requirements A Chapter 7 case costs $338 to file. You can apply to pay the fee in up to four installments within 120 days of filing your bankruptcy case. The court will decide the minimum amount you need to pay. In Maine, you need to pay the filing fee with a bank check or a cashier's check.