You can use the exemption that applies to a home (it is called the homestead exemption) to keep your home if your home’s equity (the difference between the value of your home and the total of all the mortgages against your home) is less than the exemption amount.  §522

You can choose either federal or Connecticut exemptions. The federal amount is $20,200 and the Connecticut amount is $75,000. If a husband and wife file bankruptcy together, the amounts are doubled.  This means, for example, that a couple generally would be able to keep a home worth $300,000 if the total of their mortgages is $150,000 or higher (if they use the Connecticut exemption). To keep your home in bankruptcy, you have to sign a reaffirmation agreement with the bank.  This is an agreement that makes you responsible for paying your mortgage debt even though you have filed bankruptcy.  This can be risky because if later you fall behind with your mortgage and the amount you owe is more than your house is worth, the bank can come after you for the difference.

You cannot file if you had a bankruptcy case dismissed during the last 180 days (about 6 months) for willful failure to obey bankruptcy court orders or to prosecute the case (move the case along).  §109(g)

You cannot file if you asked for a bankruptcy case to be dismissed during the last 180 days (about 6 months) and a creditor had filed a motion for relief from stay.  §109(g)

You cannot file if you received a previous discharge in a Chapter 7 bankruptcy during the last 8 years or in a Chapter 13 bankruptcy during the last 6 years (unless you paid all your unsecured debt or at least 70% and that was the best you could do).  §727(a)

You cannot file if your income is too high to meet the new Means Test put into place by the new bankruptcy law, the 2005 Bankruptcy Act.  §707(b)

You only have to be concerned about the test test under the new bankruptcy law if your annual household income is above the Connecticut median ($102,124 for a household of 4;  $58,529 for a household of 1, as of November 1, 2009).

If you do not meet the Means Test, you can file a Chapter 13 Bankruptcy to get debt relief.  A Chapter 13 bankruptcy will require you to pay some or all of your unsecured debt over 3 to 5 years.

Credit card or other debt obtained by fraud or false pretenses.

Recent cash advances.

Recent purchases of luxury goods.

Those debts not listed in your schedules.

Alimony and child support.

Student loans (unless hardship).

A judgment for personal injury or death caused by driving while intoxicated.

Taxes you withheld from your employees.

Sales taxes you collected in your business.

Income taxes if any of the following are true:

	You filed the return during the 2 years before you filed bankruptcy.
	Your return was due during the 3 years before you filed bankruptcy.
	Your tax liability was assessed during the 240 (about 8 months) before you filed bankruptcy.
	You never filed a return.
	You filed a late return during the 2 years before you filed bankruptcy.
	You filed a fraudulent return.

Property taxes required to be paid during the year before filing bankruptcy.

Restitution or fines required by a criminal sentence.

Fiduciary fraud.

Embezzlement and larceny.

Willful and malicious injury to persons or property.

Income tax interest and penalties which became due after you filed bankruptcy.

Divorce property settlements or decrees.

Those debts that were or could have been listed in a prior case in which were denied or waived a discharge.

A loan used to pay a tax that you could not discharge.

Complete credit counseling within 180 days before filing Chapter 7 bankruptcy.  §109(h)

Meet with bankruptcy attorney, review disclosures.

Meet with  bankruptcy lawyer to file petition, schedules, income statements, and other documents.

Attend meeting of creditors with bankruptcy attorney.  §341

Keep the secured collateral (house, car) you want by  reaffirming or redeeming it.

 Complete a Personal Financial Management Instructional Course.

Receive your Chapter 7 bankruptcy discharge.

Relax.