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Bankruptcy Requirements

Credit Counseling: In order to file bankruptcy, individuals must complete a credit counseling session through an approved credit counseling agency. The credit counseling usually lasts 60-90 minutes and many companies offer online credit counseling that's available 24 hours. The bankruptcy approved credit counseling agencies are available at the following web site: Credit Counseling Agencies.

Disclosure of Creditors: In your bankruptcy petition, you must disclose everyone you owe money to. This means that all credit cards, family members, car finance companies, etc. must be listed in your bankruptcy. In order to make sure that you include all of your creditors, it's important to have a credit report from all of the credit reporting agencies. You are automatically entitled to receive one free credit report from the three major credit reporting agencies every year. You can visit the following web site to request your free credit reports:Annual Credit Report.

Proof of Income: You must disclose your income in your bankruptcy papers. Six months worth of pay stubs must be analyzed for a part of the bankruptcy petition called the means test.

Asset Information: All belongings must be disclosed in a bankruptcy petition. This includes, but is not limited to,real estate, cars, furniture, clothing, jewelry, and tax refunds. The property's value must also be provided.

Financial Management Course: After filing bankruptcy, individuals must complete a financial management course through a court approved agency in order to receive a discharge.

Prior Bankruptcy Discharge: Debtors cannot receive a bankruptcy discharge more than once every eight years.

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