If the debt that you are now facing is so overwhelming that there is no way for you to pay it off, it can be logical to file for bankruptcy so you can get back to living a reasonable financial life. One of the first steps in filing for bankruptcy is to file a bankruptcy petition, which is a legal document that is filed with the court system to get the process started. Bankruptcy petitions require several bits of information about your personal financial situation. There are several things that will be required from you when you file your bankruptcy petition, so it is best if you have these things on hand.
You should know the creditors you owe and an estimated amount of debt that you plan to file on.
It is helpful to know your credit report down to the letter when you file for bankruptcy. Therefore, it is a good idea to get a free credit report online and go over the information that is listed. Take notes of debts listed on your credit report and how much you owe. You can then use this information when you fill out your petition.
You should have proof of completed debt counseling.
In many states, it's required that you complete debt counseling courses before you file for bankruptcy. This counseling is designed to educate adults on concepts like money management, budgeting, and how to work with creditors when a bill cannot be paid. If this is a requirement in your state, you will often be required to submit proof that you have completed the debt counseling when you file the initial bankruptcy petition. Upon completion, most debt counseling programs will issue you a certificate of completion that you can use as proof.
You should know your property assets and their value.
The amount of property you own and its value will be considered when determining what type of bankruptcy you will be allowed to file. In some situations, if your property value is paid for and has high value, you will be required to liquidate these assets in order to cover some of the debts you cannot now pay. However, even if the property you have is not worth a great deal, this information will be needed when you file your petition. For example, if you have a vehicle that is not financed, it will be helpful to know its market value.
Share17 May 2017
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