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Here are the final 5 terms you may want to be familiar with if you decide to file for bankruptcy.

Discharge - A discharge of debts is when the court has erased the debts of a person or business that has filed for bankruptcy. A discharge of a probate administrator is the release of an executor or administrator from any further duties that are connected with the probate of an estate.

Head of Household - The person within a single household who maintains and supports one or more people who are closely related to him or her. The people that are being supported need to be related by marriage, blood or adoption. In some states a single person who supports him or herself is still considered to be the head of household.

Injunction - A court order that forbids an action that is harmful. An injunction could be an order for an abusive person to stay away from a specific person that they have been abusing.

Repossession - A creditor who has sold goods to a buyer taking those goods back because the buyer did not keep his or her end of the contract. Typically the buyer has failed to make one or more payments on time and cannot work out a solution with the creditor.

Tangible Personal Property - Personal property that can be touched or felt. This includes jewelry, cars, clothing, furniture, etc. Bank accounts and cash do not count as tangible property.

You have decided that filing for bankruptcy is your best option and hopefully you have hired a lawyer to help you with your case. To get started, you will need to put together a few pieces of paperwork. Here is a brief list of the items you will need.

Basic Personal Information
This would include your entire name (middle name and titles such as Junior), your current address as well as the addresses of any place you have lived within the past two years, and Social Security number. You will not need to include your Social Security number on your paperwork for security purposes as of December 2003, but you will still need to show proof of it.

Income
Proof of income such as paystubs or a statement from your employer as well as your previous income tax statement. You will need to show proof of your last six months’ income.

Expenses
You will need to list all of your monthly expenses as accurately as possible. This will include your normal monthly expenses such as mortgage or rent, utilities, auto payments, insurance, groceries, and all household expenses. Don’t forget to include expenses that you may only pay a few times a year or once a year such as renters insurance or school expenses. If you own an automobile, include maintenance expenses, fuel, insurance and repairs. If you do not own a vehicle, but commute everywhere, include travel expenses such as bus fares.

Assets
This includes not only the obvious items such as real estate and automobiles, but all items that you own of any value such as jewelry and other household goods. Once you have listed all of the items, you need to write down how much each item is worth by figuring out what it would cost to replace the items with another of equivalent quality. Your assets also include bank accounts, 401ks, and cash on hand. As money flows in and out of accounts, these numbers will change, but give the best estimate you have. Think of this as a snapshot of everything you have heading into bankruptcy.

Debts
You need to make a list of all your debts whether you intend to repay them or not. You should also include whether the debts are secured or unsecured debt. For every debt you have listed, you will need to include an account number, full contact address for the creditor, and amount you owe.

Do your best to accurate show your financial standing as of the time you file for bankruptcy.