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How to File for Chapter 7 Bankruptcy - Checklist

How to File for Chapter 7 Bankruptcy - Checklist
"""Organizing your files is the first order of business when prepping to file for bankruptcy. Ensure that you compile your creditors, inventory your assets, and calculate your income and expenses during this step.This provides a summary of your current situation and enables you to proceed to the next action on the checklist.

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""

" - https://www.affordablecebu.com/

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"How to File for Chapter 7 Bankruptcy - Checklist" was written by Mary under the Finance / Wealth category. It has been read 93 times and generated 0 comments. The article was created on and updated on 01 June 2023.
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