1. Understand the new limitations on bankruptcy, which is filed when you request the elimination of all of your debts and the debts included are limited to unsecured loans and credit cards.
Determine which income qualifiers are relevant to bankruptcy. The court will request your total income and expenses; this is known as a means test, and if it is determined that you can pay these obligations without undue financial strain or hardship, the court will convert the filing to a different chapter.
3. Understand the filing requirements and that this type of bankruptcy involves repaying your debts over time. In order to register for a particular chapter of bankruptcy, you must meet certain requirements, such as providing evidence that your income exceeds your expenses and having both unsecured and secured debts.
4. Identify your obligations prior to filing for any type of bankruptcy; you must receive credit and debt counseling from a court-approved credit counseling agency at least six months prior to filing for bankruptcy.
To demonstrate your eligibility for bankruptcy, you must first complete a means test, which is available at the United States Department of Justice, along with distinct forms for each chapter. When you file a petition for bankruptcy with the bankruptcy court in your area, you will also be required to pay a case filing fee, an administrative fee, and, for the chapter only, a trustee surcharge. While court fees must normally be paid to the court clerk at the time of filing, the court may allow you to pay in installments. You can document your current financial status in accordance with the court's requirements, which will include schedules of assets and liabilities, current income and expenditures, executor contracts and unexpired leases, as well as a statement of financial affairs. Also, don't neglect to provide the court and case trustee with a copy of your most recent tax return; if you file during the bankruptcy process, you will also need documentation for that return. And finally, to satisfy the additional documentation requirements for debtors with primarily consumer debt, you will need a certificate of credit counseling and proof of payments from your employer for the 60 days prior to your bankruptcy petition. Documents pertaining to any education or tuition accounts, as well as any anticipated increase in income or expenditures.""
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