How to File For Bankruptcy

Bankruptcy is a legal process which allows those people who have got into very bad debt to get help and start rebuilding their lives again, but is a tough, stressful option which should not be under taken lightly. If you feel that bankruptcy is your only choice then you do need to discuss your situation with a professional debt specialist, who will be able to advise you on the next steps you will need to take.

• Consultation
  
  

  There are several different kinds of bankruptcy, so when you go to your consultation with a debt specialist or bankruptcy lawyer make sure you take along a full list of all of your debts including loans, mortgages, outstanding bills, service agreements, taxes etc, and also don't forget to provide details of your incomings and any savings or assets you have. This will allow the lawyer to determine what kind of bankruptcy would be best for your individual circumstances, and you must not leave any debts out, as this could cause grounds for a dismissal of your case later on in the proceedings.

  
  
  
• Documentation
  
  

  Your lawyer will help you to submit a petition to the courts for bankruptcy, which will include all of the details about your debts, expenses, assets and income. You will also need to fill in an index of creditors, which will provide the courts with full details of all those you owe money to including their full business names and contact information. You will also need to provide financial documentation to support your case such as bank statements, credit card bills etc. and these usually need to date back by 90 days.
  Meeting Creditors
  
  
  
  Although it can be difficult you must stay in contact with your creditors and a meeting will be required (either over the phone or in person) as part of the bankruptcy process, so that both sides can sit down and discuss the debts in detail. You may also be required to attend a financial counseling course as well, details of which will be provided by the court, and once you have done this and completed your meeting with your creditors your part in the process will be largely complete.