For anyone considering bankruptcy, the decision isn't easy let alone very debtor-friendly. Although the process isn't mean to be difficult for consumers, most people lack the understanding to guide them through the process. When considering bankruptcy, a little preparation goes a long way.
Qualification
Depending on your financial situation you may be seeking complete debt elimination in Chapter 7 or just debt repayment assistance in Chapter 13. First, understand that not everyone will qualify for a Chapter 7 case. The court will use your income as a measure of your financial standing to determine your eligibility. If your income is less than the median income level of the state in which you are filing, you may be eligible for Chapter 7. If your income is greater than the median income of the state, you will not qualify for Chapter 7 and may be able to file Chapter 13 instead.
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The Details
Also, understand that your debts and assets are important to the overall outcome of your case. When you file for bankruptcy you will be required to complete a detailed description of your financial standing, including a list of all debts, assets, property, income, wages and funds. This information is extremely important for determining how your debts will be managed in bankruptcy. Although you may be concerned about losing assets or funds, never hide information or make any sudden transfers of assets or funds before bankruptcy. Doing so can be viewed as fraudulent and could result in a dismissal of your case. Further, much of your property and assets are protected due to bankruptcy exemption laws.
Your Responsibility
Once the paperwork has been filed with the court you will be required to complete a few steps in order to proceed with the filing. There are filing fees that must be paid to the court, but these fees are generally less than $275 depending on the type of case you file. Also, you will need to complete a 90 minute credit counseling course. This course will review information about money management tips and how to avoid problems with debt. Failure to complete either of these steps will delay, and possibly terminate, your case. You are also liable for continuing to stay in contact with your bankruptcy attorney or trustee, especially if there are any changes to your financial situation. If you inherit money, have an increase or decrease in income or liquidate any funds, this information must be reported right away in order to ensure you case is completely successfully.
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