Article by Sarah Jackson
How to File Bankruptcy Step by Step ? Finance ? Bankruptcy
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First things first, you have choices when it comes to filing bankruptcy so the first thing you want to do is figure out what chapter you need to file. Here we will show you how to file bankruptcy. The new bankruptcy law requires the debtor to take a chapter 7 means test to determine if they qualify for chapter 7 or will have to file a chapter 13 instead. The bankruptcy filing process is complicated but with some research it is not very hard to understand.
1) Complete a Chapter 7 means test. You can get a pretty good idea if you qualify for a chapter 7 by looking at your income. Take your monthly income over the past 60 days prior to filing, minus any monthly expenses if there is very little left after this you could qualify. Also if your income falls below the median income for you state and family size. Site listed below for chart.
2) You need to make a decision on how you want to file bankruptcy. Your options are to do it yourself using free online forms, hiring a bankruptcy petition preparation service, or hiring a bankruptcy attorney. We listed these options by cost from cheapest to highest. All over the web you will be urged to hire a bankruptcy attorney which is a really good idea if you have lots of assets you are wanting to keep. If you have little assets and lots of debt you should consider the other two options. You and only you know what?s best for your situation.
3) Once you have figured out how you want to file bankruptcy, you need to get all of your debt together. This includes account numbers, balances, the date the accounts were opened, and the when the last payment was made. Make sure you include ALL debt, this is your chance for a fresh financial start that filing bankruptcy will provide. This is where a recent credit report will come in handy.
4) You need to make a list of all your assets. This includes your car, furniture, clothing, what?s in your bank account, cash on hand, and your house if you have one. Basically anything you own even if you owe money on it.
5) You need to assess your income for the past 6 months prior to filing bankruptcy along with expenses. If you don?t have an income now, you will still need income information from the past 6 months. This will determine your future re-payment ability. Be sure to include all expenses, present, future, and income tax returns for the past 3 years.
6) If you are filing bankruptcy yourself you are now ready to start your paperwork, make sure you know and have all of the required forms or you case could be denied and you will lose your filing fee. Also make sure there are no mistakes. If you are using a bankruptcy petition preparer or a bankruptcy attorney, you are ready to start your bankruptcy questionnaire to gather all of your info for the bankruptcy petition they will prepare for you. Most petition preparation services have a convenient online questionnaire you can take as long as you want to complete. Most attorneys use paper bankruptcy questionnaires so this depends on which option you decide.
7) Complete pre-filing credit counseling course. This can be done online with a bankruptcy approved credit counseling agency. It takes about an hour and cost around .00. Once completed they will email a certificate of completion which you will file with your bankruptcy petition
9) You will receive notice in the mail of the ?first meeting of the creditors? also called the 341 meeting. It is required that you attend this meeting. If you filed a chapter 13, then you will also receive notice of a confirmation hearing about 2 weeks after 341 meeting. The debtor has no role in this hearing and does not have to attend. If you hire an attorney know they cannot speak on your behalf. If they show up it might be for moral support. Your chapter 7 should be discharged about 6 months after you file. Your chapter 13 gets discharged when your plan is competed (3-5 years depending on your plan).
10) Prior to discharge of chapter 7 and chapter 13, a post-bankruptcy financial management course must be completed. You will also receive additional paperwork must be filed to show that this has been completed. You have 45 days after chapter 7 has been filed to complete. For chapter 13 this course must be completed before the final payment is made. No discharge will be granted if this course is not completed.
The Bankruptcy process has been the same bankruptcy process for years. It is truly designed to hep debtors like yourself to start over financially. Make sure it is right for you before filing. If you hesitate because of the damage it will do to your credit, just look at your credit now and think ?what do I have to lose?? Hopefully this article helped you to understand how to file bankruptcy so that you can take that first step. Be sure when filing bankruptcy to be very informed abut the bankruptcy process to make sure all goes well.
Online Help to File Bankruptcy
Median Income Chart
About the Author
I am a passionate consumer who wants to inform other consumers facing bankruptcy of their options. I have been a paralegal for many years now. After helping a number of people close to me to file bankruptcy, mainly because they could not afford the down payment bankruptcy attorneys required, I decided to help others also. I feel that an informed consumer, makes a smarter consumer. Visit File Bankruptcy Online to find out more about filing bankruptcy online.
Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author?s information and copyright must be included.
Sarah Jackson
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I am a passionate consumer who wants to inform other consumers facing bankruptcy of their options. I have been a paralegal for many years now. After helping a number of people close to me to file bankruptcy, mainly because they could not afford the down payment bankruptcy attorneys required, I decided to help others also. I feel that an informed consumer, makes a smarter consumer. Visit File Bankruptcy Online to find out more about filing bankruptcy online.
Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author?s information and copyright must be included.
Source: http://www.waystoreducedebt.net/how-to-file-bankruptcy-step-step/
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