It’s hard to file for bankruptcy

While a bankruptcy petition is a daunting document that can be over 60 pages long, the documents your attorney will need from you to file your petition is much more reasonable. Certain factors, like being married or recently divorced, only receiving social security income, and being involved in a lawsuit may cause you to need to turn over more documents to your attorney and bankruptcy trustee. However, if you have important documents available such as your tax returns and six months’ of paystubs, the process will go much easier.

Once you have submitted the applicable documents for your case to your attorney, they will draft your petition, go over the petition with you, and have you sign it. Before filing, you will also need to take an online credit counseling course. Your attorney should file the petition for you. Approximately 30-45 days after filing, you will attend your 341 Meeting of Creditors. As long as you are on time, prepared, and don’t pursue any reaffirmation agreements, this is the only court hearing you will need to attend. You will need to take an additional online counseling course after your case is filed. Then, 60 days after your 341 Meeting of Creditors, your case is eligible for discharge.

So, as long as you have your personal financial documents organized or at least know how to get them, bankruptcy shouldn’t be a complicated process. Once you submit the documents, you will just have to sign the petition, take your online counseling courses, and attend your 341 Meeting of Creditors. These steps should be relatively easy compared to negotiating and paying off thousands of dollars of debt.