CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Preparing for Bankruptcy

Bankruptcy can be an intimidating process and like many things that are intimidating, it helps to feel prepared. The more you know in advance, and the actions you take to prepare for what will occur during bankruptcy, can help things go smoothly and allow you to relax and focus on what needs to be done.

There’s one important thing you need to understand about bankruptcy before you begin: filing allows you to put aside the helpless, out-of-control feeling you’ve had for some time. It allows you to take control of your financial future and create a plan that helps you feel better about your situation. Gone are the days of worrying and feeling stressed about your finances. Now that you have chosen to file for bankruptcy, you can relax and focus on what needs to be done to improve your current financial situation.

Getting Started with Bankruptcy

One of the most important things you can do if you are considering bankruptcy is to speak to an experienced attorney. He or she can explain the process and help you determine if you are eligible to file. There are different types of bankruptcy, so an attorney will also review the qualifications and benefits of each, making it easier for you to determine your best choice.

Once you’ve decided to file, you’ll need to gather and submit documents related to your finances. Your attorney will help you with your bankruptcy petition, which is the document that alerts the bankruptcy court to your desire to file. Additionally, you’ll be required to gather and submit:

Tax Documents

Plan to submit at least your last two years’ worth of tax returns. If you haven’t filed taxes you’ll need to report that to the court along with an explanation for why you did not file. If you have unpaid taxes, you might need to remedy that problem before you can proceed with your bankruptcy filing. In most cases, back taxes are not covered by a bankruptcy filing, so do not assume any money you owe to the IRS will be taken care of when you file.

Assets

The bankruptcy court needs to know what you own. You’ll need to provide information about property including your home, vehicles, and other assets of significant value. Your bankruptcy attorney can help you determine what needs to be reported to the court and provide information about the documentation needed.

In addition to property, you’ll also need to submit information about your bank accounts. The court needs to have a clear understanding of your personal worth, which will be used to determine how your bankruptcy case will be handled. It’s important for you to be completely honest and not attempt to hide any assets or money you have – this can result in not only the rejection of your bankruptcy request, but also put you in a worse situation than before you decided to file.

Exemptions

You’ll have the opportunity to ask the court to make exemptions in your case, but the request must be submitted formally using the right documentation. There are both federal and state exemptions, which vary from place to place. Your bankruptcy attorney can help you determine possible exemptions in your case and help you prepare your request.

For more information about what might qualify as a federal bankruptcy exemption, see this list.

ID

Finally, you’ll need to provide proper identification. The bankruptcy court wants to know you are who you say you are and they’ll want proof, including your identification card, social security number, and proof of marriage or divorce.

Preparing for bankruptcy can feel frustrating and overwhelming, which is why it is so important to have an attorney helping you through the process. For more information or to discuss how you can prepare for your bankruptcy, contact the Tampa Bankruptcy Law Offices of Robert M. Geller at 813-254-5696

 

Archive

Tampa Bankruptcy Law Blog

How Does Claiming Bankruptcy in Florida Affect Your Children?

Claiming Bankruptcy in Florida Understanding how claiming bankruptcy in Florida affects your children is an important part of determining whether...
Read More

Claiming Bankruptcy in Florida: What Happens When You File for Bankruptcy and Your Spouse Does Not?

Claiming Bankruptcy in Florida You already know how much the things you do affect your spouse when you are married....
Read More

Should You Pay Back What You Owe Loved Ones Before You File for Bankruptcy?

Florida Bankruptcy Laws It’s common for people who are struggling financially to turn to their friends and family for help....
Read More

Bankruptcy and Family Law: Does Filing Affect the Child Support I Pay or Receive?

Bankruptcy and Family Law If you’re like many people, the well-being of your children is your most important priority. Struggling...
Read More

5 Tips for Overcoming the Emotional Toll of Bankruptcy

Florida Bankruptcy Attorney Getting through the bankruptcy process is about more than just improving your finances. Working with a Florida...
Read More

Bankruptcy and Divorce: The Far-from-Perfect Storm

Bankruptcy and Family Law Bankruptcy and divorce separately are two of the most stressful events you can experience in your...
Read More

Does the Pandemic Have You in a Holding Pattern? Here’s How to Know When to File for COVID Bankruptcy

COVID Bankruptcy If you’re struggling to make ends meet and you feel as if your life is on hold because...
Read More

Will Your Favorite Retailer File for Business Bankruptcy in 2021?

Business Bankruptcy 2020 was a tumultuous year and many of the financial challenges caused by the pandemic are expected to...
Read More

Boosted and Extended Benefits Keeping Unemployed Afloat – But For How Long?

Unemployment Benefits Were you one of the millions of people who ended up out of a job and using unemployment...
Read More

Should Bankruptcy Laws Be Adjusted Because of COVID-19?

Bankruptcy Laws The COVID-19 pandemic brought a lot of changes throughout 2020 and many are expected to continue into 2021...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions