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How Do I File Bankruptcy?

BankruptcyLawyer.com

How Do I File Bankruptcy – Paperwork That Promotes a Successful Bankruptcy Filing

In the current economy, it is not uncommon to hear someone asking, “How do I file bankruptcy?” Yet we are not limited to a single approach to bankruptcy. Some tactics, such as a Chapter 7 bankruptcy process, focus on the quick discharge of existing debts. Such proceedings require that the debtor surrender possession of various personal assets. Other approaches to bankruptcy, such as the Chapter 13 method, provide a very flexible solution to personal financial troubles. Chapter 13 enables a debtor to retain possession of most if not all of their personal assets.

This article defines the documentation and information that is common to every bankruptcy procedure.

How Do I File bankruptcy: Debt Records

To file for bankruptcy, you must provide details concerning the types and amounts of your outstanding debts. The list of debts includes the following details:

Sources of debt such as credit cards, personal loans, unpaid medical bills, taxes, student loans, government fines and penalties, mortgages, automobile payments, child care, alimony, and more

Type divisions that identify which debts are secured and which ones are unsecured

Money balances of each account

Payment history

Dates that the debts were incurred

Current payment status

Detailed listing of purchases, balance transfers, and cash advances

The definition of debt items, sources, assets, and dischargeable debts are regulated by federal and state regulations. The type of bankruptcy procedure in question defines how these details may be applied.

How Do I File bankruptcy: Assets

When dealing with bankruptcy, an asset is defined as anything that you own in part or in whole, or that you have a right to own in part or in whole. Assets should be valued at current selling prices rather than your purchase prices. Some sample assets are listed below:

Redeemable or cash value insurance policies and annuities

Pension funds, stocks, and other retirement accounts

Household items, both external and internal

Vehicles, trailers, boats, and more

Any possible lawsuit settlements that involve you as a plaintiff

Real estate, including any rental income

Cash and bank funds

Any beneficiary interests that you may have in someone’s will

Corporate or partnerships in which you have a business interest

Your monthly income

Your monthly expenses.

All lawsuit and beneficiary information should define the current status of the case.

How Do I File bankruptcy: The Attorney

Bankruptcy procedures must be presented via an attorney. Some assets are exempt from the bankruptcy process. Certain creditors may not need to be listed. A trained individual can prevent you from making mistakes that end up being illegal and/or damaging to your case.

So do it right. Do not end up with debts that are greater at the end than they were in the beginning.