Learning how to file bankruptcy for yourself is a difficult prospect but doable. It's important to be prepared before you even fill out the petition. Questions will be asked over and over again in the forms and schedules. You need to have the right answers at hand so the trustee doesn't think you're trying to commit fraud.
Information You're Going To Need For Filing Bankruptcy
You will need all of your financial information in order to file. The goal is to give the trustee a snapshot of your money issues. It's imperative that you show the court that you're in over your head with your bills and the only way out is to file bankruptcy.
- Mortgage paperwork. Have the remaining balance of the mortgage at hand as well as your monthly payment.
- Current assessment of your home's value. Contact a real estate agent for an estimated price if you were to sell your home. Ask for a copy on company letterhead to validate the information.
- Car loan amounts. A statement showing the amount the loan was initiated for and the current balance. If your car is paid off, contact a dealer or a wrecker depending on the age and condition of your car for current value. Again ask for a print out of the information.
- Loan information on any items that are being paid off. RV's, boats, jets skis and various other recreational items fall under this definition.
- Leases on property. An example is if you are a renter and have a lease for the apartment. This will not affect your ability to live in the unit. Instead it serves as an affirmation of a monthly debt.
- Monthly recurring bills. Utilities, cell phone bills, cable or satellite statements and any other type of service bill such as a wireless internet connection. Health insurance as well.
- Previous year's tax filing. Depending on the area you're filing in, the court may require one to two years of the most recent tax returns.
- Pay stubs. Again this may be regionally dependent on how many weeks or months prior to filing are necessary.
- Social Security card. You will be asked for proof of your Social Security number at your 341 hearing.
Filling Out The Petition
Bankruptcy petitions are approximately 45 pages in length. Each form and schedule requires specific information which must be filled out properly. Instructions are explained in plain English as to what goes where and what answers are required on each page. If you do not have information relevant to that particular section, find and check the box that states that you do not have anything to enter on that page. Read each schedule and form thoroughly and be as complete as possible with the information requested. The more information the better.
Consulting a Bankruptcy Attorney
You may be finding yourself in the position that you cannot afford a bankruptcy attorney, causing you to file by yourself. This is known as Pro Se. In short, it means without an attorney. Consult with one even if you cannot afford the cost to go through the entire process with you. It's best to have someone with experience go over your paperwork and correct mistakes you may have made. Correcting the mistakes before filing will make the process go much more smoothly.
