Preparing For The Bankruptcy Petition

: Chris Lee Law Firm

  Filed under: Filing Bankruptcy

The decision to file for bankruptcy doesn’t come easy for most people, but making the choice to resolve your debts can be one of the best decisions you’ve ever made. There are many aspects to the Dallas bankruptcy process that are important to the outcome of your case and being prepared is the best way to ensure you get the best outcome.

Ready, Set

When you file for bankruptcy you will be required to fill out a petition. This form outlines the details of your financial situation and will ask you very specific questions about your finances. You will be asked to provide information about your income, employer details and any other wages you have earned in the past few years. Retirement, government benefit or survivorship fund information may also be asked. It is important that you are ready to answer these questions and provide amounts as to how much money can be found in these sources. You will also be asked to report tax return information for the last two or more years.

In addition to information about your income and wages, you will be asked to provide a detailed account of your assets. It is important that you are honest about the property you own or possess and not attempt to hide information. The asset information is typically used to gauge your overall financial situation and not necessarily identifying assets that could be used to satisfy debts. Full disclosure of your debts and creditors is also required. All of your debt accounts, names of creditors and amounts owed must be listed in the petition, even those that may have been paid off within the last year.

A new online version of the petition is now available, making it easier to enter your information and track your progress. For more information visit:

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