3 Steps To Take When Filing For Bankruptcy

3 October 2017
 Categories: , Blog


Choosing to file for bankruptcy is a decision many people make each year, but it is not something to rush into. You can experience debt relief when you file for bankruptcy, but filing is not void of consequences. Because of this, you should thoroughly think this through before you make the decision. If you have done this and are ready to file, you will need to take the following steps to prepare for bankruptcy:

Gather up the right financial documents

The first thing you should do if you are considering bankruptcy is to gather up the financial documents you will need to file for bankruptcy. This can include the following types of documents:

  • Current pay stubs
  • Last two years of income taxes
  • Bank statements from every account you have
  • Credit card bill
  • Medical bill
  • Documents that show any other types of debts you have

You will need all these things to determine if you qualify for bankruptcy and to see if bankruptcy is a good way for you to find debt relief.

Meet with a bankruptcy lawyer

Once you have these documents ready, you should meet with a lawyer that specializes in bankruptcy cases. Bankruptcy is a complicated branch of law, so always choose a lawyer that has a lot of experience with bankruptcy cases. This type of lawyer will provide the best advice and help for your situation.

When you meet with a lawyer, you will find out if you qualify for bankruptcy and what branch you qualify for. You will also find out if this is the right way for you to find relief. If you want to go through with it, your lawyer can begin preparing the documents needed for you to file. You will have to pay a fee to initiate the procedure, and you will have to sign all the documents.

Follow through with the requirements your lawyer tells you

After you file, your lawyer may ask you to do several things, including taking a credit counseling course and attending a meeting with a bankruptcy trustee. There may be other steps you must also complete before and after you file, and you will need to follow through with all of these steps.

You can experience a fresh start by filing for bankruptcy, but it is not the right decision for everyone. If you would like to learn how this could help you and the consequences you may face, talk to a bankruptcy lawyer today.