Bankruptcy Primer

Want to know what to expect when filing bankruptcy? Take a look at our primer to get answers to your most frequently asked questions.

Take Stock of Your Situation

Once you have a handle on your situation, assemble a quick summary and meet with an attorney in your area to get an idea of your options. An experienced bankruptcy attorney will know the questions to ask and answers to focus on in order to reach your stated goals.

Submit Your Questions to Your Attorney

Once you are comfortable with your attorney ask him or her to prepare a draft Petition (in the case of Chapter 13, a Plan of Reorganization as well). Review these documents carefully for accuracy and completeness, and most of all be sure you understand what they say you will do in the future. Remember, if you're not sure, ask.

Review a Draft Petition (and Plan)

If you've been honest with your Attorney and your Attorney is good at their job, filing your bankruptcy case should be the beginning of a smooth transition. Most Chapter 7 cases are discharged in 90 days, and most Chapter 13 cases are confirmed in that amount of time. Either way, if you've done your homework then you can spell relief this way: b-a-n-k-r-u-p-t-c-y.

File and Relax

Take a personal inventory and create a list of your creditors, including contact information, account numbers, and how much you owe. This information will be invaluable to your bankruptcy attorney, and is just plain good to have.