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Steps to file bankruptcy

1. Get a credit counseling certificate: Before you file for bankruptcy, you’ll need to complete credit counseling with an approved agency. You’ll receive a certificate once you’ve completed the counseling.

2. File bankruptcy paperwork: You’ll need to file a bankruptcy petition, schedules of your assets and debts, and other required forms with the court.

3. Attend a meeting of creditors: You’ll be required to attend a meeting of creditors, where a bankruptcy trustee will ask you questions about your finances.

4. Complete a debtor education course: After you file for bankruptcy, you’ll need to complete a debtor education course.

5. Receive a discharge: If your bankruptcy is successful, you’ll receive a discharge, which releases you from personal liability for certain debts.

Keep in mind that bankruptcy can have long-term consequences for your credit score and your ability to borrow money in the future. It’s important to consider all of your options before filing. If you’re considering bankruptcy, it’s a good idea to speak with a qualified bankruptcy attorney who can help guide you through the process.

I hope this information is helpful for anyone who might be considering filing for bankruptcy. If you have any questions about the steps to file bankruptcy or have thoughts to share, feel free to leave a comment below. Contact us to help you with this process, free consultations by phone and zoom.

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Most people have their tax returns handy, and can forward a copy.   If not, the IRS can send you copies of the tax return transcripts (actually preferred by many of the trustees!).  You can call the IRS at 1-800-908-9946 to obtain copies (usually the last 4 years are needed).   You can also order them by mail using the following IRS Form 4506-T.   Best news, is that they are free!!

You also need to send the last 2 months of pay stubs or income statements to the trustee, and you need to use the information from the last 6 months before filing to help calculate your Means Test Calculation on Form 22.
Hopefully, you have the documents handy, or your employer can reprint them for you.   If you are unemployed, you can access your unemployment statements in Illinois here.

This will help expedite your case, as your case can be dismissed for failure to submit these documents to the trustee.   For further information, you can contact the attorneys of Leeders & Associates for a free bankruptcy consultation to review all of your options, and filing requirements.

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