Filing for bankruptcy can be a humbling experience, but that doesn’t mean it has to be a difficult one.  There are a few hoops that are you are required to jump through, but they will help make it much easier in the long run.  The procedures for filing bankruptcy are determined by local bankruptcy court rules, and also the federal rules of bankruptcy procedure.  These are important to follow so that you can follow the legal procedures and avoid any mishap with the law.  Here are few guidelines to follow when filing for bankruptcy.

Bankruptcy filings first start with the preparation on your part.  Initially you need to get all of your financial records organized.  Here is a list of some of the things you need to gather in order to file bankruptcy.

- A detailed list of your income for the last nine months or so.  This should include pay stubs, interest payments, dividends, expenses, contractor payments,  annuity payments, tax refunds, and settlements.  This is important because if you don’t gather all of the needed information then the state will do it, and this could take ages and cost a lot of money in the long run.  Save yourself the time and the money and learn how to file for bankruptcy correctly and you won’t have any problems.

- A list of all of your personal property.  This should included things such as bank accounts, savings, checking, CD’s, annuities, cash, any jewelry, expensive jewelry, valuable collectibles, deposits, hobbies or firearems, insurance policies, stocks and bonds, profit sharing, pensions, any vehicles, real estate, tools of trade, and spousal support if it is significant.  A list of all your assets gives the judge an idea of the financial crisis you are in and will either auction those items off if they still hold value, or just skip over them because it is not worth it to the court.

- Next you need a list of all your debts and liabilites when you file for bankruptcy.  Have a ready list of any spousal support, personal loans for either your car or your house, credit cards, child support, taxes, rent and utilities, and any mortgages you currently have.  All these are important when looking at your debt to income ratio.  This is important when deciding what chapter of bankruptcy to file.

These lists are not meant to be trivial or exhaustive but are an important asset for you lawyer when learning how to file bankruptcy.  This just makes the process easier and smoother.  The less bumps you have in this process the less heartache in the end.

The next step is actually filing the petition for bankruptcy.  The petition is a document that is filed with the local bankruptcy court.  It has to be filed with the proper legal forms and must contain accurate information.  This would include schedules and documents that pertain to your chapter of bankruptcy.  There will be a filing fee which will vary on your chapter bankruptcy as well.

Once these steps are taken, it is up to the court to make a final decision and then comes settlment time with the creditors.  Once again, getting a lawyer to help you with these things will be your best course of action to get the appropriate results without a lot of hangups.