The first part of the filing bankruptcy process is in the collecting all of your personal financial information. This will include a list of all your secured and unsecured debts (you might find ordering your credit report helpful), tax returns for the last two years, deeds to any real estate you own, car titles, and any other loan documents you may have. Then either you or your attorney will decide to file. If you chose not use an attorney, you will need to complete the bankruptcy forms. These forms are referred to as the schedules and ask you to describe your current financial status and recent financial transactions (usually within the last two years). If you are filing a Chapter 13 bankruptcy, you also have to submit a proposed repayment plan with your petition. Once the bankruptcy petition is completed you will need to file the petition with your local United States bankruptcy court. The fee for filing chapter 7 bankruptcies is about $200 and the fee for a chapter 13 bankruptcy is $185.
Immediately after filing your petition with the bankruptcy court an automatic stay goes into effect. This provision prevents creditors from making direct contact with you or staking a claim to any of your property from the date of filing. Approximately a month after filing, the trustee will call a first meeting of creditors. This meeting, often call a 341 meeting, requires the presence of the debtor which is you. Creditors rarely attend the 341 meeting if they have some specific questions about the bankruptcy filing. Objections are typically resolved by negotiation between the debtor or the debtor's counsel and the creditor. If you cannot reach a compromise, a judge will then intervene. The meeting of creditors typically lasts about five minutes. If there are no challenges, you will receive a notice from the court, usually within four to six months, that the bankruptcy is discharged. If you need more information about filing for bankruptcy, you should consult your local state department or IRS for more assistance.
