What is the name of your state? Louisiana, My daughter and another just vandalized a home pretty badly, I'm sure in the neighborhood of 30,000 in damages. What should I prepare myself for? Will my insurance cover any of this? How old do they have to be to emancipate?
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Be prepared for CSB to become involved because your daughter has committed a crime> Be prepared for there to an adjudication to determine if your child is dependent or neglected due to the fact that at the age of 7 she committed a severe act of vandalism. If she is adjudicated as dependent or neglected, be prepared that she will likely be taken from your custody and you will be forced to complete a case plan rectifying your short comings as a parent before your child will be returned to you. If she is not returned, be prepared for your parental rights to be terminated and in some states that gives them cause to remove any current or subsequent children from your care.
Be prepared for your insurance NOT to cover any of this as they don't insure you for crimes committed BY members of your household.
Be prepared to be sued by the homeowners whose property she destroyed for costs associated with the damage your daughter committed. If you cannot pay it be prepared to have your wages garnished, liens placed against your property and to be forced in to bankruptcy.
You cannot emancipate your seven year old. You can ground her, place her in psychiatric treatment and psychotherapy to determine what problems she has that would make her destroy other's property, and otherwise try to parent her. But you cannot emancipate her.