The procedural aspects of the bankruptcy process are governed by the Federal Rules of Bankruptcy Procedure and local rules of each bankruptcy court. The Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and local rules set forth the formal legal procedures for proceeding through a bankruptcy case from start to finish.
Preparing to File
First, a debtor gets all of his or her financial records in order. You should gather the following information and documentation together:
A list of all of your income for at least the last nine months, including:
1) pay stubs;
2) independent contractor payments;
3) interest payments;
4) dividends;
5) annuity payments;
6) settlements;
7) tax refunds; and
8) gifts.
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This is not intended to be an exhaustive list, and if you have other sources of income, they should be included.
A list of your personal property and its value including:
1) cash,
2) bank accounts, checking, savings, CDs or annuities;
3) valuable household goods;
4) deposits;
5) special value collectibles;
6) clothing;
7) jewelry;
8) firearms and other hobby equipment;
9) insurance policies;
10) pensions and profit sharing;
11) stocks and bonds;
12) tax refunds;
13) spousal support;
14) cars, trucks and other vehicles;
15) real property; and
16) tools of your trade.
This is not intended to be an exhaustive list, and if you have other property or things of value, they should be included.
A list of all of your debts and obligations, including:
1) credit cards;
2) personal loans;
3) spousal support;
4) child support;
5) taxes;
6) mortgages;
7) utilities; and
8) rent.
Note that not all of these items are dischargeable in bankruptcy. However, if you are having a bankruptcy lawyer prepare your case, he or she will need this information. This is not intended to be an exhaustive list, and if you have other debts, they should be included.
Filing the Petition
The petition is the formal document that is filed with the bankruptcy court to initiate your case. It must be filed using the proper forms and it must contain the proper information, including all of the schedules and papers that are required for the particular type of bankruptcy you are seeking. At the time of filing, the debtor must pay the filing fee, which may vary depending on the type of bankruptcy you are filing.
Meeting of the Creditors
About thirty to forty days after the petition is filed, you will have to attend a hearing presided over by the United States bankruptcy trustee. This hearing is called the First Meeting of Creditors. At this hearing the trustee will ask the debtor specific questions under oath regarding the content of the petition, schedules, and other papers, assets, as well as income, property, debts and other matters. After the trustee is done, your creditors will be permitted to question you.
Discharge
Under normal circumstances, the bankruptcy court will automatically issue the discharge sixty to 90 days after the First Meeting of Creditors. In some cases, particular creditors may file motions with the bankruptcy judge, or in rare cases, initiate an adversary proceeding against a debtor. A qualified bankruptcy attorney can represent you in these situations. Once the discharge order is entered, depending on the type of bankruptcy that you have sought, your bankruptcy case will be complete, and the case file closed.
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