Many clients come to me who have tried to file bankruptcy on their own. The usual result of a client filing bankruptcy is that the bankruptcy gets dismissed. To start with, there is a prerequisite to filing a bankruptcy. The prerequisite is that an individual seeking to file bankruptcy must take a credit counseling course. If the individual does not take the credit counseling course his case can be dismissed. That is the first half of the requirement. The second half of the requirement is after the meeting with the bankruptcy trustee the individual who filed bankruptcy must take the second half of the credit counseling course.
Filing Documents with the Court
The filing of a bankruptcy requires the filing of a bankruptcy petition, a statement of financial affairs, a statement of current monthly income, supporting schedules, a means test calculation and a statement regarding the individual’s social security number. In theory a debtor must list his or her income, assets and debts and show that he or she has negative cash flow.
Chapter 13 or Chapter 7?
The person filing bankruptcy must decide whether a Chapter 13 or a Chapter 7 bankruptcy is appropriate. Individuals who seek to save their homes usually try to file a Chapter 13 bankruptcy. However, to qualify for filing a Chapter 13 the individual filing bankruptcy must meet certain financial requirements.
Re-affirmation of Debts
When an individual files bankruptcy he or she must provide the court with their intention as to whether they are going to re-affirm certain debts such as, mortgages on their home or car loans.
Hire an Attorney
While it may look like it is just involved with a series of filing a number of forms, extremely few individuals can correctly file a bankruptcy on their own and navigate the system through the court.
Elliot S. Schlissel, Esq. is the managing partner of Schlissel DeCorpo LLP. Their office regularly files bankruptcies for individuals in the Metropolitan New York area. He can be reached for a free consultation at 800-344-6431 or e-mailed at Elliot@sdnylaw.com.