- 1). Collect your financial information, including pay stubs; financial statements from a business you own; one to three years of tax returns; valuations of assets such as cars, houses, artwork and jewelry; bills and receipts for monthly household expenses; and account statements, bills and other documentation for all debts.
- 2). Look on the website of the court in your bankruptcy district for a list of credit counseling classes that provide pre-bankruptcy counseling certificates. Complete the class within 180 days of filing for personal bankruptcy.
- 3). Get the official bankruptcy petition from your lawyer if you have one. Download the forms from the U.S. Courts website (uscourts.gov) or your local bankruptcy court's website if you do not have legal representation.
- 4). Fill out the paperwork for the means test, which will determine if you can file Chapter 7 or Chapter 13 bankruptcy. Federal law requires you to file Chapter 13 if your income is above the median for your state, unless you have less than $100 at the end of the month after paying household expenses. In this case, or if your income is below the state median, file Chapter 7.
- 5). Complete the remaining petition worksheets, which will require full and accurate information about all sources of income, all assets and all debts. The court will verify the information you provide, and any fraudulent misrepresentation can result in dismissal of your bankruptcy filing. Fill out the petition with the assistance of your lawyer or a legal aid organization to avoid mistakes.
- 6). Give the completed petition to your lawyer, who will file it for you. Take the petition to the courthouse if you do not have a lawyer. Pay the filing fees --- $299 for Chapter 7 and $274 for Chapter 13, as of October 2010 --- by cashier's check, attorney check, money order or cash if you have an attorney. Pay by money order or cash if you do not have attorney, because bankruptcy courts do not allow debtors representing themselves to pay by check.
- 7). Get the name and phone number of the court-appointed trustee who will guide your case and the date of the mandatory 341 meeting as soon as you file the petition. The 341 meeting will take place approximately six weeks from your filing date and will require you to answer questions from the trustee and creditors about the information in your petition.
- 8). Create a Chapter 13 payment plan if you filed for reorganization. The plan should be three to five years long and has to pay priority debts, such as taxes, support payments, auto loans and mortgages, first. Include as many non-priority debts as you can; the court will discharge any remaining at the end of the plan. Seek the guidance of your lawyer, legal aid organization or the trustee to come up with the plan that pays the obligations and does not require you to pay more than your disposable income each month. File the plan within 15 days of filing the petition.
SHARE
