Bankruptcy Pre-Filing Checklist

Making sure things are in order before you file bankruptcy will make the process much easier. Below are a few tips:

  1. Schedule your filing date as soon AFTER you get your paycheck as you can, making sure you have time to use any excess cash for exempt purchases.
  2. In the ten-day period before you are scheduled to file your bankruptcy, keep receipts for everything you buy with cash, and use money orders or certified checks instead of checks from your checking account to pay your bills.
  3. Be sure you have copies of the title of all vehicles.
  4. Be sure you have copies of your last two tax returns.
  5. If you need to file tax returns for prior years, get all the paperwork ready before you file your bankruptcy.
  6. Make certain you understand your bank’s policies about setoffs against your checking or savings accounts if you fail to pay for a credit card issued by that bank.
  7. Be sure you understand what is or is not exempt property for your state.
  8. To get an idea of the fair market value of your property, check the prices for similar items in your newspaper’s classified section, at on-line auctions and in your local classified ad publications.
  9. You can get fair market value information on vehicles from your local library or from an on line source such as Kelly Blue Book or Auto Trader
  10. Make certain you can account for all large checks you have written in the 90 days before you file your bankruptcy because your trustee may want to know what they were for.
  11. Pull a copy of your credit report to make sure you don’t miss anything: there’s nothing worse than filing bankruptcy and still having to pay a missed creditor afterwards.

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