When you are in debt and are having trouble making ends meet, it can seem like there is no end in sight. The decision to file for bankruptcy is not an easy one. The process is full of requirements and steps that must be completed in order to complete the case successfully.
Although bankruptcy can provide the debt relief you need, many people simply don't know enough about the process before the file the petition. The worst mistake people make in filing for bankruptcy is not preparing or planning ahead of time.
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Get Organized
There are many documents that are required in a bankruptcy filing, the first is the petition. The petition is a detailed account of your debts, assets, accounts and financial standing. In other words, everything you currently own, earn in wages, owe others or bought is reviewed in detail by the court.
The paperwork involved in a case can be overwhelming, but having these documents organized and reviewed by an attorney before you file can greatly improve your case. In general the court will want to see the following documentation:
Proof of employment or income, such as your paycheck stubs from the 12 months Checking and savings account bank statements from the last 12 months Statements from your retirement or investment accounts from the last 12 to 36 months Tax returns from the previous 2-5 years Statements from all of the creditors you owe money to, or your debt bills Statements or loan information from secured assets, such as your mortgage or car
Be sure to have a bankruptcy attorney review the information before filing the petition, as any missing or inaccurate information can lead to having your case delayed or dismissed by the court.
Watch Your Finances
A common mistake people make when pursuing bankruptcy is not managing their finances appropriately before filing the petition. In some cases people may attempt to accumulate more debt prior to filing for bankruptcy, essentially obtaining items without having to repay the debts. In other cases, people may transfer assets such as money or property to friends or family members, with the intent of getting these items back after the bankruptcy process has been completed. These actions are likely to be considered fraudulent and the case may be dismissed.
The bankruptcy process is meant to be a tool to provide people experiencing financial trouble eliminate or reorganize their debts. Anyone that intentionally manipulates the system could find themselves facing legal action. Actions that could be deemed fraudulent are:
Withholding information about your assets or debts, this includes leaving out assets or debts in attempt to conceal their presence Transferring assets to friends or family members prior to filing for bankruptcy, this includes giving away money or property Purchasing $550 or more on a credit card within 90 days of filing for bankruptcy Taking a cash advance of $825 or more from a credit card within 70 days of filing for bankruptcy
In order to get the most out of a bankruptcy case, always prepare your documents and finances ahead of time. Be honest and open with the court about your entire financial situation and be willing to share any information that is requested.
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