The bankruptcy process can be overwhelming at times, but it doesn't have to be. Knowing what is expected of you throughout the process can help you prepare and eliminate mistakes that could cost you valuable time or even jeopardize the outcome of your case.
Before
One of the most important aspects of your bankruptcy case is a detailed outline of your financial standing. The bankruptcy petition is the beginning of your filing and will require a significant amount of details about your finances. The petition asks questions regarding your income and funds, debt accounts, business ventures and assets. It is important that you prepare for this information by organizing some of your financial paperwork. You may be required to provide some documentation to prove this information at the time of filing. Therefore, you should have bank statements, previous tax returns and copies of your paycheck stub on hand. You may also be asked to provide credit card or medical bills and mortgage statements. If you are involved in any lawsuits or are required to pay domestic support payments, you may be asked to provide copies of this information as well.
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During
Once you have filed the bankruptcy petition, your duties are not over. The court will require you to be completely open and honest about your finances and current transactions during the process. Attempting to hide information about assets, debts or funds can lead to your case being dismissed, or even suspicions of fraud. Always be forthcoming with your information and inform the court right away if anything in your financial life changes.
You will also be required to complete a credit counseling course. This course is designed to provide you with information about debt management, your debt resolution options and how to manage money wisely. The course must be completed by an approved agency, which can be verified by asking your bankruptcy attorney or visiting the US Department of Trustee's website.
After
If you received a debt discharge, congratulations. You are now on the path to financial stability, assuming you put in the effort to make a change. You have also been afforded a unique opportunity to begin to rebuild your credit and establish yourself as a responsible borrower. Keeping an eye on your credit report is essential for making sure your accounts are accurate and stay in good condition. Begin to slowly acquire new credit and make timely payments. It can take one to two years to establish a good credit standing, but is definitely achievable with a little patience.
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