The first thing you will need to decide is whether you will be filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Approximately 80% of all bankruptcies filed are Chapter 7 cases. There are only certain circumstances under which you should file for Chapter 13. These may include: recent Chapter 7 filing; income too high; trying to save a house in foreclosure; or the possibility of losing property by filing for Chapter 7.
Whichever way you go, before filing bankruptcy, you will need to complete a credit counseling course from a credit counseling agency approved by the Department of Justice. The course will take between 1 and 2 hours and can be completed by telephone or over the internet. You will receive a certificate of completion that expires in 180 days. If you don't file within this time frame, you will need to re-do the course a second time.
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It will also be necessary to complete your bankruptcy petition, schedules, Statement of Financial Affairs and other documents required to be filed with your case. Each jurisdiction may have its own rules regarding additional documents you may need to file as well. Your attorney should know these rules. If you are filing bankruptcy on your own, consult your local bankruptcy court for the requirements. When filing bankruptcy, it is important to make sure that you list all of your creditors. You are not permitted to pick and choose who is listed. Failure to list someone may mean that the debt is not discharged.
The court will also require you to pay a filing fee of to file your case. When filing bankruptcy under Chapter 7, the fee is currently $299. Under Chapter 13, it is $274. This can only be waived upon formal application with the court. The requirements are very stringent and most applications are denied.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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