Bankruptcy is not a passive process. In fact, it requires the coordinated effort of many people. The bankruptcy trustee is responsible for managing the creditors, while the debtor is required to complete certain steps in order to successfully complete the case. Many people enter the bankruptcy process lacking the knowledge and understanding of their role, which could put the outcome of their case at risk.
Your Information
The bankruptcy process requires much detail about your financial life and history. You will be required to divulge information about your debts, bank and fund accounts, income and assets. This information is extremely important in determining your eligibility for bankruptcy and how your case will proceed. Because your information is so vital to the outcome of the case, having your finances organized before filing can be helpful to your attorney and the court. You may need to provide documentation such as paycheck stubs, prior tax returns, bank statements, and copies of your bills.
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Your Debts
There are some rules as to which debts qualify for bankruptcy, or a type of bankruptcy, and which do not. It is important that you review the type of debt you are considering to enter into bankruptcy before filing your petition in order to avoid any denial or rejection of certain debts. Child support payments, court or criminal fines, student loan debts and some tax debts are generally not considered in bankruptcy. Be sure that the debts you are carrying are eligible for discharge and which type of bankruptcy may be best to file. For example, secured debts such as a mortgage or car loan may qualify for either type of bankruptcy, but they are less likely to face liquidation in a Chapter 13 filing.
Your Responsibilities
When you file for bankruptcy it is important to stay in contact with your attorney or the court. You will be required to complete a few steps before your debts can be discharged. In addition to paying the necessary court fees, you will need to complete a credit counseling course and furnish a copy of the completion certificate to the court. Any failure to complete one of these steps can lead to your case being delayed or even dismissed. Further, be sure that the information you have provided the court is 100 percent complete and accurate. Mistakes or missing information on a petition can jeopardize the outcome of the case. Bankruptcy requires full transparency and any attempt to conceal information could be viewed as suspicious by the court. If any changes come about in your financial situation, funds or accounts be sure to inform the court right away.
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