What to Expect During Your Bankruptcy – How to File
It is important to be organized when filing for bankruptcy. You will need to collect specific documents, take a course in credit counseling, attend your 341 hearing, and more. A lawyer can help guide you through the process to ensure no steps are missed and your claim gets filed quickly. An experienced bankruptcy lawyer can also advise which chapter to file in, the most common being Chapter 7 and Chapter 13. At Solvent, our lawyers have years of knowledge to help guide you seamlessly through the process of bankruptcy.
Documents Needed for Bankruptcy
To get a clear picture of your finances, collect all financial documentation including:
- Tax returns from the past 2 years
- Proof of income/pay stubs from the last 6 months
- Valuations of any real estate you own or mortgage statements
- Recent bank and/or retirement account statements
- Vehicle registration/title
- Alimony or child support statements
Bankruptcy Filing Process
The following actions must be completed in the filing process for bankruptcy:
- Take a credit counseling class
- Pay your bankruptcy filing fee
- Review your bankruptcy petition with your attorney
- Attend your 341 hearing
Credit Counselling Class
You will be required to complete a credit counseling class during the six months before your bankruptcy petition is filed. The class must be completed through a Department of Justice approved agency.
341 Hearing
You will be scheduled for a 341 meeting with a trustee one month after filing for bankruptcy. The intention of this meeting is to validate your bankruptcy and to ensure the correct paperwork has been completed to continue with the bankruptcy filing. Your trustee will go over your forms and request any missing information.
Discharging Your Debt and Starting Fresh
After the long process of filing for bankruptcy, your debts will finally be discharged so you can start fresh. Your credit score will drop and bankruptcy will remain on your credit report for up to 10 years. The good news is you can begin rebuilding your credit immediately. Once debt is discharged, you won’t have to worry about insurmountable payments on loans, but you do need to make careful financial actions to rebuild your scores.
The lawyers at Solvent in St. Paul are experienced in all areas of bankruptcy and are dedicated to guiding you through the process of filing and beyond. Our team takes pride in helping debtors get back on their feet and into good financial standing. Call today to get started on your bankruptcy case.
