1. Initial Consultation with a Bankruptcy Attorney

The first step is to schedule an initial consultation with a qualified bankruptcy attorney. During this meeting, you will discuss your financial situation, explore your bankruptcy options (Chapter 7 or Chapter 13), and determine if bankruptcy is the right choice for you.

2. Evaluate Your Financial Situation

With the guidance of your attorney, thoroughly evaluate your financial circumstances, including:

• Total debts owed (credit cards, medical bills, loans)
• Income sources (pay stubs, tax returns)
• List of assets (real estate, vehicles, personal property)
• Monthly expenses (utilities, groceries, insurance)

3. Complete Credit Counseling

Before filing for bankruptcy, you must complete a credit counseling course from an approved agency. Your attorney can recommend accredited agencies and ensure you fulfill this requirement.

4. Gather Required Documents

Work closely with your attorney to gather essential documents needed for your bankruptcy petition, including:

• Income documentation (pay stubs, proof of income)
• List of creditors and amounts owed
• List of assets and property
• Monthly expenses and budget information

5. Fill Out Bankruptcy Forms

Your attorney will assist you in completing the necessary bankruptcy forms accurately and thoroughly. These forms include:

• Petition for Bankruptcy (Form 101)
• Schedules of Assets and Liabilities (Schedules A/B to J)
• Statement of Financial Affairs (Form 107)
• Means Test Calculation (if applicable)

6. Review and Sign Petition

Once all forms are completed, carefully review them with your attorney to ensure accuracy and completeness. Sign the petition and other required documents under oath before filing with the bankruptcy court.

7. File Bankruptcy Petition

Your attorney will file the bankruptcy petition, schedules, and other required documents with the bankruptcy court serving your jurisdiction. They will also pay the filing fee on your behalf, or assist you in applying for a fee waiver if eligible.

8. Automatic Stay

Upon filing, an automatic stay goes into effect, halting all collection actions by creditors, including foreclosure proceedings, wage garnishments, and creditor harassment.

9. Attend the Meeting of Creditors (341 Meeting)

Approximately 4-6 weeks after filing, you and your attorney will attend the 341 Meeting of Creditors. This meeting allows the bankruptcy trustee and creditors to ask questions about your financial affairs and bankruptcy petition.

10. Complete Financial Management Course

After the 341 Meeting, complete a financial management course from an approved agency. Your attorney can recommend accredited courses and ensure you fulfill this requirement before receiving a discharge.

11. Receive Discharge or Complete Repayment Plan

• Chapter 7: If eligible, receive a discharge of eligible debts approximately 2-3 months after the 341 Meeting.
• Chapter 13: Complete the court-approved repayment plan, typically lasting three to five years, before receiving a discharge.

12. Post-Bankruptcy Counseling and Credit Rebuilding

After bankruptcy, your attorney can provide guidance on post-bankruptcy counseling and strategies to rebuild your credit score over time. Monitor your credit report for accuracy and consider using secured credit cards responsibly to establish positive credit history.

13. Ongoing Legal Support

Throughout the bankruptcy process, your attorney will provide ongoing legal support, address any concerns or challenges that arise, and ensure compliance with bankruptcy laws and court procedures.