What You Need to File Bankruptcy

If you are considering filing for bankruptcy, there are several things that you will need to have available for your lawyer. You will need to supply the lawyer all the needed information to start a bankruptcy filing including bank statements, pay stubs for all income, titles to vehicles, documents pertaining to 401K, pension and IRS accounts as well as all debts. You will need a declaration of insurance as well as a copy of the deed holder of the mortgage if you own a home.You will need to complete a background sheet with any past judgments and garnishments and everything pertaining to your spouse if married. You also need copies of your tax returns for the past three years.

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The lawyer, with your help in most cases, does the process of data entry. For instance, one lawyer has you come to the office with all your documentation in hand. The lawyer will sit down at a computer and ask you questions about your assets and other personal information. Then it is time to enter al your debts. A tip to those who have a computer would be, get a copy of your free credit report to take along. It has so much information that can help the process go along quicker.

All debts are entered with addresses, amounts owed and the type of debt. Your income is added and after some calculations, the lawyer should be able to tell you how much your monthly payment will be for a chapter 13 or if you qualify for a chapter 7. This process takes roughly an hour and a half to two hours depending on how much debt you have to include. It is very important that you have all the necessary documents with you for this process. If you discover anything that needs to be added after this process, you need to give this information to your lawyer as soon as possible.

When you file for bankruptcy, you will become inpatient because it is a lengthy process. Even after you pay the lawyer, enter all your information and participate in a credit counseling session, you will wait until the lawyer files the paperwork. There may be some things that are need that delay the filing as well. As you receive bill statements in the mail, pay stubs and bank statements, you must keep these and turn them into the lawyer up until the time your case is filed in bankruptcy court.

Once everything is ready, you will meet with a trustee who will execute your payments if you are filing for a chapter 13 or find assets to sell if you are filing for a chapter 7. The trustee is paid out of your monthly payments in a chapter 13 and before the bankruptcy hearing if filing a chapter 7. You can expect to be asked questions that you already answered for the lawyer, but this is to make sure you have included everything needed. Then a meeting with the creditors will be set up at the courthouse or a place that the trustee approves.

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