How to File Bankruptcy
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If you have exhausted all other efforts and have found that Bankruptcy is the only solution to get out of your financial burden, then follow these steps on how to file a bankruptcy.
Before you file for bankruptcy, the first thing you need to do is sign up for pre-bankruptcy counseling session which is now mandatory in order to file for a bankruptcy. You will need to sign up with an approved credit counseling organization and the fee for this session is normally $50. However, if you cannot afford the fee, you can simply fill out the fee waiver form and normally you can attend the session free of charge. But make sure to fill out the fee waiver form prior to attending as you may get charged if you do not.
Once you have completed your pre-bankruptcy counseling, the next decision you will need to make is if you are going to file your own bankruptcy or if you are going to hire an attorney. I would advise against filing your own bankruptcy as there is a lot of paperwork and documents you need to file and if not done properly, it can get you into trouble with the courts and your creditors as well. However, if you are determined to file your own bankruptcy, you can get bankruptcy documents and forms here.
If you are going to hire and attorney, you should set up a meeting with an attorney to do a free bankruptcy consultation to see what forms they will need to file on your behalf and to determine which chapter bankruptcy is right for your financial situation.
If you would like to schedule a free bankruptcy consultation now, Click Here to fill out a simple form.
When you have your consultation or meet with your attorney, you will want to have all your financial papers with you including outstanding bills, paycheck stubs from the last year, bank statements, credit card statements, mortgage statement and car loan statements. You will also need your prior year’s tax returns for your attorney.
With this information, you will need to file the petition for your bankruptcy with your attorney which lays out what kind of unsecured and secured debt you currently have. This will determine which kind of bankruptcy is right for you.
If it is determined that you have a lot of unsecured debt and very little secured debt that has equity, then your attorney may advise you that a chapter 7 bankruptcy would better suit you. However, if it is found that you have secured debt which shows a significant amount of equity, which is more than your unsecured debt or close to it, then he may advise that a chapter 13 bankruptcy would be the better option. Now there are more factors that go into determining which chapter to file, such as current income and current expenses, but this is a brief summary of how your meeting with your attorney may go.
Some other things you will want to clarify with your attorney are which debts will survive the bankruptcy. Usually when you file bankruptcy and once you receive a discharge, only secured debts will survive the bankruptcy along with other types of debts such as taxes, student loans, and child support, but you will need to verify this with your attorney.
Now that you have your petition completed with your attorney or on your own, your attorney will file it with the local district court electronically online, or if you are filing it yourself, you will need to mail it or take it to the courthouse to be filed. And you have now filed for bankruptcy successfully.
Your creditors will be notified by the bankruptcy court of your filing for bankruptcy which will impose an “automatic stay” for you from the creditors. This “automatic stay” prohibits creditors from any further collection efforts from you. However, you
will need to keep in mind that it may take some time for creditors to be notified of this, so if you receive any calls, either refer the creditor to your attorney’s office or just advise them you filed for bankruptcy and give them the date that you filed. They will more than likely cease all calls for a small duration until they can verify your bankruptcy filing information.
Your attorney can guide you through the rest of the bankruptcy proceedings that will take place in your chapter 13 or chapter 7 case, which may require your attention and/or attendance at court. You should also be aware that you will be required to attend a debtor education course during your bankruptcy and before you receive a discharge.
Schedule a free bankruptcy consultation with an attorney today.
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