Filing bankruptcy is a long process and usually is best handled by legal experts in the field. However, these too can be expensive and as a consumer, there are ways in which you can do it yourself. It will take a great deal of effort, patience and reading up.
The first step to filing personal bankruptcy yourself is to decide under which chapter you want to do so. Chapter 7 comes with no debt restrictions and almost everyone is eligible for it. Chapter 13 requires a bit more work. This is where a repayment plan has to be put in place depending your financial activity for the month.
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If you decide to file under Chapter 7, then the first step is to get a bankruptcy kit. This will include some legal forms and guide to using them. Your local library will be a great resource place for material to read up on.
Once you have picked up all the resources you need, spend some time diligently in increasing your knowledge on bankruptcy and how to go about it. Next make a list of all your creditors. This basic outline will help you decide all you need.
1 The name and the address of creditor (include information on the Collection Agency involved or a representative attorney, if you have it.
2 Their basis for claim and account number.
3 The time when the debt was incurred.
4 Outstanding claim amount.
5 Name and address of co-debtor, if any.
Once you have done this, the next step is to gather all the necessary information for yourself and note it done. This can get difficult and you have to be patient about it.
1. Name, address, contact number, social security number, age and tax ID number should you have it.
2. Your spouse's name, address, and the same details as above.
3. If you have filed for any bankruptcies within the last six years, then the details of filing them.
4. Income from employment or business for both debtors.
5. Payments made to creditors so far.
6. Suits, garnishments, executions and attachments.
7. Repossessions, Foreclosures and returns for one year after bankruptcy.
8. Gifts more than $200.00 to family members and more than $100.00 to charities.
9. Payments in connection debt counseling or bankruptcy for preceding year.
10. Details on all property transfers.
11. Safe deposit boxes and their details.
12. Set-off's made by creditors for a period of 90 days.
13. Control in somebody else's property.
14. Details of all residences that have been changed in the past two years.
15. Detailed personal income
16. Expenses for the month.
17. List of assets.
Al the information furnished has to be accurate before you decided to file for a court date.
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