Anyone filing for bankruptcy knows that the process can be tricky. Depending on which type of bankruptcy case you file, your case can take anywhere between 6 months and 5 years. While there isn’t much you can do about the overall length of your case, you can speed up your filing time to get on the path to financial freedom faster.
Before filing for bankruptcy you have much work to do. First, stop to consider your financial habits within the last 6 months leading up to your case. Have you paid off debts? Have you acquired new debts? Has your income level changed? Did you sell or transfer any assets? If you answered “Yes” to any of these questions, your eligibility to file could be affected. If you answered “No”, consider the next potential roadblock.
Filing the petition is often a confusing time for many people. The highly detailed nature of the case petition can cause delays in the filing process, which is why having your financial records organized ahead of time can save you valuable time. You will need to know your income, debts, funds, assets and major financial transactions for the last two years. Your prior tax returns up to the last five years may also be required. Make sure you have specifics of this information ready to go when you get ready to complete your petition.
It is important that you seek help from a qualified Dallas bankruptcy lawyer when looking to file. It is generally not recommended to file on your own, but if you so choose you should still seek initial consultation in order to ensure your case is as smooth as possible.