Making the decision to file for bankruptcy is not an easy one. Unfortunately the tough choices don't stop there and the process can be cumbersome in certain situations. Although the process is not meant to be inherently difficult, the rules and requirements of the process can make it challenging at times. There are numerous ways for a case to become unsuccessful and be dismissed, which is why taking precaution to complete a few steps prior to filing can be highly beneficial. The best way to maximize success is through preparation.
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Taking Care Of The Details
For most people, filing out and completing the bankruptcy petition is a tedious task. The petition can be upwards of 20 or more pages long, depending on one's financial situation. This document contains a complete overview of a debtor's financial history and current accounts. This includes information about one's assets, debts, bank information, income and other sources of funds. The accuracy of this information is of utmost importance to the success of one's case. Any missing or inaccurate information could lead to the case being dismissed. Before filing for bankruptcy it is important to have this information readily available to be provided to the court if requested. Further, tax returns for a minimum of three years prior to filing may also be requested.
Not only is the accuracy of the asset and debt information required to be correct in the initial filing paperwork, but there are rules regarding spending habits, payments and how assets are to be managed within the months prior to filing. For example, accumulating debts over $750 dollars within 90 days of filing will not be eligible for bankruptcy and could be dismissed in the case. Paying off debts or acquiring more income can also be problematic and lead a person to be disqualified from eligibility. Asset transfers present a big problem in that the selling or giving away of assets prior to filing could be viewed as fraudulent, leading to more serious consequences. The short of it is that care should be taken to freeze uncommon actions prior to bankruptcy.
One thing many people fail to do before filing for bankruptcy is consult with an attorney. A bankruptcy attorney is well trained in the ins and outs of the process, which can help eliminate any chance of error. They can review documents, help determine if bankruptcy is the best solution, evaluate qualification criteria and ensure the case gets completely with maximum success. Anyone considering filing for bankruptcy should take the time to consult with an attorney at least once before making any final steps towards the process.
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