Understanding how to file for bankruptcy will also prepare you for what happens after bankruptcy. In most cases we recommend that you use a bankruptcy attorney to assist with filing for bankruptcy. Here are some of the steps required to file for bankruptcy:
- Consider all other financial options and debt relief solutions
- If three is no other solutions filing for bankruptcy will provide a chance for a new beginning. You must obtain some credit counseling by a consumer credit organization approved by the U.S. Trustee within 180 days of the date of the filing your personal bankruptcy. The intent of the counseling is to provide you with alternative solutions to bankruptcy that you may have not already explored.
- Filing Chapter 7 or Chapter 13 bankruptcy are two options that most will file for personal bankruptcy protection. You can learn more about how to file chapter 7 here . Chapter 13 which allows for a repayment plan while protecting your rights under bankruptcy and allowing you dismiss certain debts. Both Chapter 7 and Chapter 13 Bankruptcies have strict guidelines that you must be able to meet in order to qualify to file for bankruptcy. In addition, there are other protections for a business in need of reorganizaion bankruptcy in which you will want to follow the information for Chapter 11 Bankruptcy Attorney to help guide you with the process.
- Research all of your options up until you file as not all bankruptcy solutions are right for everyone. You should also research which type of bankruptcy attorney you will feel most comfortable with to handle your bankruptcy case. We offer free consultations from top bankruptcy lawyers so you can evaluate them as they evaluate your case.
- Review your case with your lawyer. Make sure you get all of your questions answered and make sure they can explain all of the possible outcomes based on your financial situation. Your bankruptcy lawyer will help you prepare for the bankruptcy and will assist you in completing the requirements for filing for bankruptcy.
- Depending on your case the attorney you choose may have a certain payment structure. Once you have settled and retained your lawyer you will want to refer all financial information and creditor contact information to your lawyers and allow the bankruptcy lawyer to manage all the financial negotiations.
- Be prepared for your 341 Meeting which is when you have a meeting with the creditors. Your bankruptcy attorney will take care of the details in preparation to make sure that the trustee has all the answers needed to correspond with the creditors information. It is important not to omit any debts owed in this meeting so make sure you have good documentation ready.
- Be prepared to list all of your assets. Your bankruptcy lawyer will prepare you for the type of questions you will need to answer in the meeting. The answers are recorded by the court during the meeting and can be used against you if they are false in nature. Make sure you have carefully prepared for this portion of the meeting.
- Make sure not to acquire any debt within 40 days of filing as this can be viewed as fraud or misuse of credit and you would be responsible for all debt associated with that credit source and potentially more.
- If you file Chapter 7 liquidation bankruptcy or Chapter 13 repayment plan bankruptcy your case will be handled in accordance with the filing. Follow the link additional information on Filing for Chapter 7 Bankruptcy. You can also get additional information for Chapter 13 Bankruptcy here.
