Next, you must choose the type of bankruptcy you intend to file. Chapter 7 and chapter 13 are the two types that are beneficial for personal or small business filings. In chapter 7, all debts are discharged, or eliminated, with the exception of those you wish to retain. For instance, if you wish to retain your car, you must maintain your car payment. Chapter 13 reorganizes your debts. Creditors are divided into """"secured"""" and """"unsecured"""" categories. To help you catch up on secured debt payments, the court devises payment plans. To determine which form of bankruptcy to file, you may wish to contact a bankruptcy attorney for assistance with the entire process.
After deciding which type of bankruptcy to file, you will be required to undergo credit counseling with an authorized agency. This is required by the court to ensure that you are aware of all available options. This will lead you to the last bankruptcy checklist steps.
Before creating your petition and filing for bankruptcy, the final step is to collect all necessary documents. Your tax returns, two years for a Chapter 7 and three years for a Chapter 13, six months of pay receipts or proof of income, a certificate of pre-bankruptcy credit counseling, and your bank statements are required prior to filing. After compiling this information, you are prepared to petition for and file for bankruptcy.
Check List
Organize Your Entire File System
Determine the Bankruptcy Type
Attend Pre-Bankruptcy Credit Counseling and Compile Necessary Documents
Contact A Bankruptcy Lawyer To Declare Bankruptcy""
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