In order to file for personal bankruptcy, individuals are required to submit proof of their annual income and monthly expenses. Among these documents are a list of creditors, evidence of current personal expenditures, a photo identification, a copy of paychecks, bank records, a pay receipt, rental agreements, and any other documents proving income during the six months preceding the bankruptcy filing. In addition to these tax returns, transcripts from the past four years must also be submitted.
Individuals are now required by court rule to complete a credit counseling course prior to registering for bankruptcy. The course must be completed under the supervision of a certified credit counselor, and the completion certificate must be presented to the court at the time of filing.
You must also pass a means test to demonstrate that you are eligible to file for bankruptcy. The means test is required to demonstrate that an individual's annual income does not exceed the state median income for their family size.
Once the petition has been filed, bankruptcy courts require individuals to complete a Personal Financial Management course. If a court discovers that an individual submitted a Certificate of Completion without actually completing the course, it may dismiss the case.
Individuals may petition for bankruptcy as frequently as their financial circumstances require. In certain instances, a definite time interval must be maintained between two consecutive petitions. For instance, a person can register for chapter 13 bankruptcy without maintaining a time gap between consecutive filings. However, if a person has previously filed for chapter 7 bankruptcy, they must wait at least eight years before submitting another petition.
For a successful and efficient bankruptcy filing, a knowledgeable attorney can provide information on all of the essential rules established by bankruptcy courts.
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