CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

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

 

Tampa Bankruptcy Law Blog

Top Three Bankruptcy Tips

Top Three Bankruptcy Tips

Filing for bankruptcy can be an overwhelming experience. Many people postpone filing to avoid the intimidation and anxiety they assume
Read More
Is there Such a Thing as Bankruptcy School?

Is there Such a Thing as Bankruptcy School?

If you’ve heard anyone talking about bankruptcy and what’s needed to successfully use it to remedy financial problems, you might
Read More
Three Important Things to Know about Bankruptcy and Taxes

Three Important Things to Know about Bankruptcy and Taxes

Bankruptcy offers relief when debts have gotten out of control. Chapter 7 bankruptcy results in a discharge of certain debts, which
Read More
What Happens When You are Sued for a Debt?

What Happens When You are Sued for a Debt?

If you’ve been served with a notice from a creditor that you’re being taken to court over a debt, you
Read More
Why Researching Bankruptcy Online Could Be a Mistake

Why Researching Bankruptcy Online Could Be a Mistake

In this day and age, the first place we turn for information is the internet. It’s convenient, free, and easy,
Read More
Why the Meeting of Creditors is the Scariest Part of Bankruptcy

Why the Meeting of Creditors is the Scariest Part of Bankruptcy

Filing for bankruptcy is a scary experience, but within the entire process from start to finish, the 341 Meeting of
Read More
How Do You Benefit from the Automatic Stay?

How Do You Benefit from the Automatic Stay?

Bankruptcy offers a variety of benefits. One of the most important is the automatic stay. Bankruptcy’s automatic stay stops bill collectors
Read More

The Secret Trick for Making the Most of Bankruptcy Exemptions

When you file for bankruptcy you take a risk. You’re risking that the choice you’re making now will improve your
Read More

Leftover Debt: What You Can Expect to Pay after Bankruptcy

Bankruptcy can free you from financial burdens that have plagued you for years. It can make your life easier and
Read More

Is Chapter 13 Bankruptcy the Best Option for You?

Deciding that bankruptcy is the right solution to help you with your financial struggles is a big commitment. Many people
Read More

Contact Us

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews LEA

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

Pay Online    

Office Locations

$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
Maps & Directions


Tampa Law Office Map

Satellite 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
Maps & Directions


Map and Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.