Individuals who are experiencing financial difficulties will hear about a variety of different options that they can decide to do to assist them with getting back on track financially. After weighing options, many people decide that bankruptcy sounds like a good option, but they do not know what steps they need to take to do so.
Step 1. Find an experienced attorney.
While filing for bankruptcy is something that an individual can attempt to do on his or her own, it is always a good idea to contact an attorney to assist with the process. Bankruptcy law is very complex and confusing, and sometimes one small mistake can cause a debtor’s case to be dismissed. Experienced bankruptcy attorneys can ensure that a debtor’s case will be handled appropriately and that all of the required paperwork will be submitted accurately. Additionally, an attorney will be able to not only explain the bankruptcy process, but will be able to advise you on what your best options for filing would be. While there are fees that you will incur by hiring an attorney, it is worth it in the long run to pay a bit extra for help with your case to ensure that it will be handled correctly.
Step 2. Begin Preparing Paperwork
After you have met with your attorney, and have discussed what your best options are, you need to begin preparing paperwork. Your attorney will give you a list of documents that he or she will need from you, including copies of your most recently filed federal and state tax returns, your most recent paystubs (if employed), and copies of your social security card and picture I.D. Your attorney will also need to know about things including what types of property you have (houses, cars, furniture, bank accounts, etc), and information pertaining to your creditors (names, addresses, amounts owed, dates incurred, etc). It is imperative that debtors list all property that they own; if the trustee finds out that the debtor has valuable property that was not disclosed at the time of filing, he or she will view this as fraud, and you will face very serious consequences. Most attorneys, including St. Louis Bankruptcy attorneys, will have debtors fill out a questionnaire which will assist the debtor with filling out and listing all of the information that is needed for a bankruptcy petition. It is always better to list property and/or assets that you have, even if you are not sure if they hold any value. Once this information is in to the attorney, he or she can begin preparing your bankruptcy petition.
Step 3. Review your Petition
Once your attorney has prepared your bankruptcy petition, he or she will have you come into their office to review your petition. Reviewing your petition is extremely important, because this is the your last chance to make sure that everything, including property and creditors, is listed. Even though you had an attorney assist you with preparing your petition, it is your responsibility to make sure that everything is accurate and complete. The attorney prepares your petition based on information that is given to him or her. If you did not disclose something to the attorney, it will not be listed.
Once you have reviewed your petition and made sure that everything is complete and accurate, your attorney can file your bankruptcy petition! The process and steps that are necessary to take post-filing will depend on what chapter of bankruptcy you file. If you have any questions, contact a St. Louis Bankruptcy attorney today!