Organize Your Documents
When you submit the petition, you will be required to provide a comprehensive financial summary. This means that you will need to provide details about your debts and creditors, as well as an inventory of your assets. The court will also require a financial expenditure history, an account statement, and proof of income. All of this information is crucial to the outcome of your case; therefore, full disclosure and candor are required.
A decent rule of thumb is to include everything from the past three to five years, even if the account was paid off or the asset was sold. The reason for this is because the bankruptcy court may consider missing or inaccurate information to be fraudulent. Organize your paperwork and gather all of the necessary documents before you settle down to complete the filing paperwork. This can make the process much more streamlined and effective.
Consult A Lawyer.
Consultation with an attorney is likely one of the most vital pre-bankruptcy steps. Although it is possible to complete the process without an attorney, it is recommended that everyone attend an initial consultation prior to filing to have their case reviewed. An attorney is able to examine your paperwork, obtain vital information, and assess your case's likelihood of success. They are also extremely helpful throughout the procedure, assisting you with all of the required steps to obtain a discharge. In general, obtaining a discharge is more likely with the assistance of a bankruptcy attorney.
Analyze Your Finances
Numerous individuals are unaware that their prior spending habits could affect their case. Courts may not discharge debts accrued within three to six months of the bankruptcy filing. In addition, charging substantial sums or obtaining financial advances prior to filing for bankruptcy may be considered fraudulent. A good rule of thumb is to stop all unnecessary expenditures and refrain from transferring or selling assets six months before filing.""
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