If you’ve decided that bankruptcy is the right option to achieve debt relief, there are various steps you need to follow. Filing for bankruptcy is a complicated process that requires strong legal guidance. Our Indianapolis bankruptcy lawyers have helped many people through their bankruptcy process, so we share what we know about preparing for bankruptcy.
If you need legal assistance with your bankruptcy case, get in touch with our team at Jackson & Oglesby Law LLC. Our Indianapolis bankruptcy attorneys are here to help you: (888) 713-5148!
Obtain Strong Legal Guidance
The first step toward bankruptcy is to seek strong legal guidance from a bankruptcy attorney. It is important to hire an attorney if you’re facing serious debt issues. For example, if your employer received a wage garnishment, someone served you with a lawsuit, your home is in foreclosure, or a creditor took money from your account, you need an attorney. An attorney will analyze your unique situation and help you determine if Chapter 7 or Chapter 13 bankruptcy is the right option for you.
Below we have put together some of the questions you should ask an attorney:
- What bankruptcy chapter should I file?
- Will all of my debt be eliminated with bankruptcy?
- How long will it take to prepare and file my bankruptcy?
- Will bankruptcy stop a foreclosure?
Complete a Petition & Paperwork
Once you have an experienced bankruptcy attorney on your side, you will need to compile various documents to file for bankruptcy. Completing the paperwork to petition for bankruptcy is often the most complex and time-consuming part of the bankruptcy process. If you don’t file the petition correctly, it could affect your case’s outcome, so it’s important to have your attorney guide you through the process.
Below are some of the documents your attorney will need to have to complete your bankruptcy process:
- The last two years that you filed tax returns
- The last seven months of bank statements and paycheck stubs
- The last two years of profit and loss statements (if self-employed)
- A list of the assets you own (stocks, savings, real estate, cars, etc.)
- A list of all the debts you owe (it should include the creditor, current balance, interest rate, and monthly payment amount)
- Your average monthly household living expenses
- Copies of your mortgage and car loan statements
- Your marital settlement agreement (if separated or divorced)
- A copy of your driver’s license and social security card
- All foreclosure-related paperwork
- Your life insurance policy
- Your car valuation
Prepare for Your Creditor Meeting
The Bankruptcy Code requires debtors to attend a creditor meeting. This meeting usually occurs 20 to 40 days after a petition is filed. The debtor must attend this meeting, at which creditors may appear and ask questions about your unique case. Your attorney can prepare you for the meeting and attend with you. In most cases, the questions you will be asked are similar to the ones you had to answer in your petition. The purpose of a creditor meeting is to confirm, under oath, that the information in your paperwork is accurate.
Experienced Indianapolis Bankruptcy Attorneys
If you have decided that it is time to take action to obtain debt relief, you need our team of experienced attorneys on your side. Our Indianapolis bankruptcy attorneys are familiar with the debt issues you are facing. We have helped people across the country navigate their bankruptcy case and help them obtain debt relief. We are devoted to providing compassionate guidance that can begin with a free bankruptcy evaluation.
We are here to help you. Contact our Indianapolis bankruptcy lawyers today at (888) 713-5148 to schedule a free consultation!