How Do I Get Started Filing Bankruptcy?

Starting the process of filing for bankruptcy might seem daunting. What will happen, and how long will it take? Will bankruptcy ease your debt burden and let you get a fresh start? Are you eligible for bankruptcy?

These are all questions that can only be answered by your lawyer. Bankruptcy is such an intricate process that it is never advised that anyone attempt to file bankruptcy without a lawyer.

Gaining eligibility for bankruptcy will be determined with the help of your lawyer. Once eligibility has been established for a debtor, a petition will be filed in bankruptcy court that serves the debtor’s residential area. Schedules of assets and liabilities must be filed with the court along with a schedule of income and expenses, a schedule of contracts and leases, and a statement of financial affairs.

The most recent tax return should be provided to the case trustee along with any additional tax returns. Statements of monthly net income, along with any records of federal or state-qualified education tuition interest, should be filed with the court. Any expected increase in income after filing for Chapter 7 should be noted in a statement of anticipation and filed with other documents.

This is a sample of the types of documents that will need to be filed with the court. Drafting and filing these documents is best done by those very familiar with the rules and the system.

If you are thinking that you need help with your debts, schedule an appointment. We want to help you get back on the right track to financial stability.