Filing For Bankruptcy Basics

: Chris Lee Law Firm

  Filed under: Bankruptcy

Filing for bankruptcy can often be a daunting task. Preparation and organization are crucial during the bankruptcy process. There are many financial aspects that must be carefully reviewed and documented before you can complete your bankruptcy case. Throughout the bankruptcy process, you will be required to complete several steps and file many pieces of important documentation. There are several things you can do to ensure your bankruptcy case is completed smoothly.

Filing For Bankruptcy

Organize Your Documents. In order to file a bankruptcy petition, you must complete some documents that detail your financial information. You will need to provide itemized information about your current income, monthly living expenses, secured and unsecured debts, deeds or titles to owned property, and accounting sheets from any retirement or saving accounts. The bankruptcy court will want to review copies of bills for all of your debts as well as a copy of your credit report. A list of your assets is also required to be documented on the bankruptcy petition. It is also a good idea to have a copy of your tax returns for at least the past two years.

Stop Credit Card Use. Bankruptcy is a process meant to help consumers get out of debt and protect as much of their assets as possible. It is important that you minimize your spending before filing for bankruptcy. Large charges to a credit card just prior to filing for bankruptcy may not be eligible for discharge. The bankruptcy court may consider such charges to be intentional or fraudulent.

Contact A Bankruptcy Attorney. A bankruptcy attorney is a legal advocate for any consumer needing help managing their debts during a financial hardship. An experienced attorney can help you review your financial situation and discuss your debt reduction options to determine if bankruptcy is best for you. If you decide to file for bankruptcy, your attorney can help you complete the necessary paperwork and file the documents on your behalf. A good bankruptcy attorney will be able to ensure you complete the necessary steps to obtain the best outcome in your bankruptcy case.

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