How to Successfully File Bankruptcy
Successful bankruptcy filings require a lot of studying, work, and careful planning. Individual consumers have the choice between filing Chapter 7 or Chapter 13 bankruptcy. Each Chapter produces a different outcome. Chapter 7 results in a clean financial slate with little to no debt, while Chapter 13 results in a debt repayment plan.
- Difficulty:
- Moderate
Instructions
Things You'll Need
- Last 60 days of wage stubs
- Most recent federal tax return
- Credit counseling certificate
- Voluntary petition
- Proof of filing federal tax return last four years
-
Succesfully Filing Bankruptcy
-
1
Participate in a credit counseling course from a credit counseling agency that has been approved by the U.S. Trustee. A list of approved agencies is available using the link provided below.
-
2
With help from your credit counseling agency, decide whether to file for Chapter 7 or Chapter 13.
-
3
Prepare a Voluntary Petition to file for bankruptcy.
-
4
Locate the U.S. District Bankruptcy Court that has jurisdiction in your state. You can use the link below to find the appropriate bankruptcy court.
-
5
Attach your most recent federal tax return and your credit counseling certificate to the Voluntary Petition.
-
6
File your Voluntary Petition in the U.S. District Bankruptcy Court.
-
1
Tips & Warnings
One of the most important keys to a successful bankruptcy filing is to be thorough and honest in all answers and representations to the court. Additionally, if you file Chapter 13 you will need to think carefully about how you will structure your debt repayment plan. The plan is only effective if the court approves it, which means it must be reasonable and realistic.
Bankruptcy is a detailed, sometimes complex process. If you want to go it alone, without the help of an attorney, you need to be prepared and willing to devote a lot of time and effort in studying the laws and procedures for bankruptcy. You should purchase, at a minimum, at least one bankruptcy how-to manual, such as the one listed below in the reference section.
