If you are in a financial situation where filing for bankruptcy is the only way to protect yourself, deal with your debt, and move forward with your life, then it's time to begin the process. Filing for bankruptcy is more complicated than just informing the bank that you want to file for bankruptcy; you have to gather and provide the court with information about your financial life.
To start with, you are going to need to provide the courts with information about your income. You are going to need to let them know where you work, what you are paid, and how often you are paid.
For example, if you work as a receptionist, you would need to tell them you work for Company A, making $12 an hour, working 30 hours a week, and you get paid every Friday.
If you have any unusual sources of income, such as money you make from blogging or money you make from driving for Uber on the side, you would need to declare that as well.
You will need to do more than state your income; you will need to prove your income via pay stubs, bank deposits, and W2 forms.
Next, you are going to need to inform the court of all the property that you own or that you have a loan on that you are in the process of purchasing. For example, you will have to inform them of your home and your car.
The court is going to want to know about all of your vehicles, including all-terrain vehicles, jet skis, motorcycles, and boats. Any type of vehicle that you have a deed or title for you have to account for with the court.
The court is going to want to know about any property you own or have a mortgage or loan out on. That includes things such as your home, or a parking space you own, or vacant land you own.
After that, you need to explain to the court what your monthly expenses are. The court will look at your monthly expenses and consider them when coming up with a plan to restructure and settle your debt. Your budget should include all of your monthly bills, such as your water, gas, electricity, phone, internet, mortgage, and car payments. Your budget should also detail the other money you need to live, such as your monthly clothing, transportation, food, medical, and household supply budget. This may require you to sit down and really look at how you spend your money.
Finally, the court needs to know all about your debts. You will need to list out every creditor that you have, how much you owe them, and why you owe them that money. You are going to want to include all of your debt, such as your mortgage, auto loans, student loans, personal loans, overdue bills, and even loans family members or friends have given you.
Before you file for bankruptcy, you need to make sure you have all of your information together. This will allow you to quickly fill out the paperwork necessary to start the bankruptcy procedure.