No one wants to have to file for bankruptcy. It can be a depressing and humiliating experience. But it does not mean that you are beaten. Sometimes bankruptcy is just the best option to eventually help you get back on your feet and you shouldn’t feel bad about having the courage to take the steps to repair your financial standing. Here are a few guideline to help you when filing for bankruptcy.
Filing bankruptcy first starts off with gathering information. This is not meant to be exhaustive or ridiculous, it is just meant to make the whole process easier either for you or your lawyer. First of all you should document all of your income for the past nine months. This would include any tax refunds, dividends, paychecks, gifts, annuities, and interest. This is meant to help calculate the reasons why you are filing bankruptcy. Your amount of income will help to determine what chapter of bankruptcy that you can file for.
Next you need to gather a list of your possessions and assets. This would include any mortgages, cars, jewelry, valuable household goods, clothing, stocks or bonds, bank accounts, checking, savings, cash, CD’s, annuities, retirement accounts, and anything else that might have value. This helps the state determine what can be saved and sold at auctions to help pay off your debt. Many times however the items hold no real value on the market and you are able to keep them and do what you will with them.
Last of all is to get a list of your debts in order, whether it be credit cards, loans, settlements, house payments, and then you are ready to fill out the petition. Send it in to the court and pray for the best!
Scott writes articles about Filing Bankruptcy and for Filing for bankruptcy
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