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The first part of the bankruptcy filing process is collecting all of your personal financial information. This will include a list of all your secured and unsecured debts (you might find ordering your credit report helpful), tax returns for the last two years, deeds to any real estate you own, car titles, and any other loan documents you may have. Also arrange to take a credit counseling course.
Then either your attorney, or yourself if you decide to file without the help of an attorney, will need to complete the bankruptcy forms. These forms, collectively are referred to as the schedules and ask you to describe your current financial status and recent financial transactions (usually within the last two years). Your attorney will also complete a "means test". The means test is used by the courts to determine eligibility for Chapter 7 or Chapter 13 bankruptcy. If you are filing a Chapter 13 bankrupty, a proposed repayment plan must also be submitted with your petition. Also prior to filing your petition, every person must complete a credit counseling course and file a certificate of completion with the Court. After the bankruptcy petition is completed you will need to file the petition with your local United States Bankruptcy court. The Court's filing fee for filing a chapter 7 bankruptcy is $299 and the Court's filing fee for a chapter 13 is $274.
Immediately upon filing your petition with the bankruptcy an automatic stay goes into effect. This provision prevents creditors from making direct contact with you or staking a claim to any of your property from the date of filing. Approximately a month after filing, the trustee will call a first meeting of creditors. This meeting, often call a 341 meeting, requires the presence of the debtor. Creditors rarely attend the 341 meeting if they have some specific questions about the bankruptcy filing. Objections are typically resolved by negotiation between the debtor or the debtor's counsel and the creditor. If a compromise can not be reached, a judge will intervene.The meeting of creditors typically lasts about five minutes. If there are no challenges, you will receive a notice from the court, usually within four to six months in a chapter 7 case that the bankruptcy is discharged. A chapter 13 case is discharged after your repayment plan is completed.
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