After thoroughly exploring reputable websites on the internet, you have concluded that bankruptcy is an option for you. Driven to get relief from your losing battle with debt, you have made your decision. Now you need information on what comes next. Here are the essential things you need to know. First of all you need a lawyer. You will need to supply that lawyer all the needed information to start a bankruptcy filing. You'll need bank statements, pay stubs for all income, titles to your vehicles, documents pertaining to 401K, pension and IRS accounts as well as all your debts. If you own a home, you need a declaration of insurance and a copy of the deed holder for the mortgage. You will need to complete a background sheet with any past judgments and garnishments as well as everything pertaining to your spouse if you are married. You also need to hand over copies of your tax returns for the past three years. The process of entering your data into the computer is the next step. You will need to come to your lawyer's office with all of your documentation ready. Your lawyer will sit down and with your help, enter all the necessary information that is pertinent to your case. You must come prepared to answer important questions about your assets and other personal information. It would be a really good idea to get a copy of your free credit report to take along with you. It contains so much helpful information that it will speed up the process. Your debts are entered into the system with addresses, amounts owed and the type of debt. Then your income will be added into the equation. After some calculations, the lawyer should be able to tell you how much your monthly payment will be for a chapter 13 bankruptcy. You will also be told if you qualify for a chapter 7 bankruptcy. This process will take roughly an hour and a half to two hours depending on how much debt you have to include. It is very important that you have all the necessary documents with you. Contact your lawyer as soon as possible, if you discover anything that was inadvertently missed after this process, and needs to be added. When you file for bankruptcy, you may become impatient because it is a lengthy process. Even after you pay the lawyer, all your information is collected, and you participate in a credit counseling session, you will simply have to wait until your lawyer files the paperwork. There may be some things that crop up that might delay the filing as well, so be certain to keep all relevant material. You must keep all bills, pay stubs and bank statements, and turn them into the lawyer up until your case is filed in bankruptcy court. Once the paperwork has been filed, you will meet with a trustee. They will execute your payments if you are filing for a chapter 13 bankruptcy or find assets to sell if you are filing for a chapter 7. The trustee will be paid out of your monthly payments in a chapter 13 and prior to the bankruptcy hearing if filing a chapter 7. Don't worry if you are asked the same questions that you have already answered for the lawyer. This is to double check that everything has been included. Then comes the important meeting with the creditors. It will be set up at the courthouse or at a place the trustee approves. When this is complete, the bankruptcy is discharged, and you can start your new future with a clean slate.
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