Federal law requires you to complete a counseling session with a certified professional before you file for bankruptcy. Credit counselors can review your finances and recommend possible strategies for getting out of debt. You must complete a financial management course after filing bankruptcy and before you may receive a discharge of your dischargeable debts.
Your bankruptcy attorney can help assess your options and submit the petition in court. The bankruptcy petition contains several forms and documents. You must provide information about your income and monthly expenses, including rent, utilities, food, clothing, taxes and prescription medications. Be prepared to submit the following records.
- Statements showing your finances
- A list of all creditors, including the type of debt and the amount due
- A summary of all property and assets that you own
- Proof of your income from the last 60 days
- Information regarding anticipated changes in your earnings
- Records of holdings in educational savings accounts
- Copies of recent income tax returns
- A detailed list of your financial liabilities
- Copies of current leases and loan contracts
- Your credit counseling certificate
- The bankruptcy court requires you to submit a filing fee with your bankruptcy petition. The fee depends on the filing chapter.
- You may be required to complete a means test if you earn more than similar households in Oklahoma. This form will determine your eligibility for Chapter 7 bankruptcy based on your income after expenses.
- If you are married, you must provide information about your spouse’s finances regardless of whether you are filing jointly or independently. This is required so that the court can assess your household’s financial position.
If you’re filing for bankruptcy, I can help you. Don’t let the process deter you from seeking financial and emotional relief.
Call my office in Oklahoma City to schedule a free initial consultation. I will review your finances, answer your questions and provide practical advice. Contact Gary Hammond of Mitchell & Hammond by calling 405-216-0007.