What Is Needed to File a Bankruptcy?
Taking the first steps into bankruptcy means you're facing a daunting and often confusing process. In order to benefit from filing bankruptcy it's important to organize information so all of your debts are included. Gathering the appropriate paperwork before filing your bankruptcy petition helps smooth the process, making it easier and faster.
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List of Debts
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The logical place to begin filing a bankruptcy is to list your creditors. If you've had debt for a long time, this step can be harder than it looks. Start by obtaining your credit report and listing the debts reported by creditors. In some cases, debts can be listed several times as they pass between collections agencies, but it's important to track down the current holders of your debt so it can be discharged properly. Create a list of all of your debts and include the contact information of the current holders of the account.
Debt Activity
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Also needed for a bankruptcy filing is a list of the debt activity you have incurred. This includes the start date of your debts, the amount of purchases or cash transfers and how much you have paid on your debts before filing bankruptcy.
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Assets
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You'll also need a list of your assets to file bankruptcy. This includes all of your property -- homes, personal belongings, vehicles, bank accounts and investments. This list should include the current value of each item, not what you paid for it, and the amount of any liens or garnishments held against the property. You'll be presenting this list to the bankruptcy trustee who uses this information to create the bankruptcy estate. Certain elements of your property can be declared exempt from bankruptcy, protected by the law in your state. Other pieces of property can be added to the bankruptcy estate and used to pay off your creditors.
Filing Fee
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There is a set court fee for filing a bankruptcy motion. This fee cannot be waived and is charged in addition to any legal fees you might incur while preparing to file bankruptcy. Each bankruptcy chapter has a different fee.
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