Do It Yourself Bankruptcy

List Your Creditors

• Make a list of your creditors. Include the amounts you owe them, their addresses and contact information. Obtain a credit report from each of the three major credit-reporting agencies. Review the reports and match the information against the creditors list that you created. Your credit reports may not include all of your accounts, current or past due. Review your credit reports for accuracy. If you find incorrect information, complete the dispute process with the appropriate agency. Gather a list of your bank accounts and include the name of the bank, the address and the account number. Include any assets, savings plans or retirement plans that you have.
  
  

Understand the Bankruptcy Laws

• Each state has its own set of bankruptcy laws. However, each state follows guidelines established by the federal courts. There are 94 federal judicial districts in the United States. Familiarize yourself with your state's bankruptcy laws, filing processes and requirements. Bankruptcy has long-term financial effects. You should understand these consequences before beginning the process. Familiarize yourself with the United States Bankruptcy Code and the Federal Rules of Bankruptcy Procedure, as well as local bankruptcy laws.
  
  

Determine Your Chapter

• Determine which chapter of bankruptcy you are seeking to file. Personal filing choices for individuals and couples include Chapter 7: Liquidation Under the Bankruptcy Code and Chapter 13: Individual Debt Adjustment. There is also SCRA Relief: Servicemembers' Civil Relief Act. Chapter 7 allows for the liquidation of assets in order to provide relief and eliminate liability of debt. Chapter 13 is an alternative to Chapter 7, providing payment-plan options that allow debtors to save their property and settle their debt. The Servicemembers' Civil Relief Act provides protection to servicemembers in bankruptcy cases, providing protection to members against default judgments. The act allows for forbearance and interest reductions on certain obligations incurred and restricts default judgments and rental evictions for servicemembers and their dependents.
  
  

Filing Process

• Gather the bankruptcy documents that meet your selected chapter. Only use official forms. You can obtain these from your bankruptcy court's website, local library or bankruptcy court representative. Complete the forms in detail. Proofread your forms for accuracy. All bankruptcy forms must be typed and issued to the court in the court's mandated order. Contact your bankruptcy court intake office for specifics. Most bankruptcy courts require that you file multiple copies of your petition. Go prepared to file at least three copies of your form. Also, be prepared to pay the proper filing fee. Filing fees vary by state and selected chapter petition. Generally, dissolution is more expensive than repayments (Chapter 7 is more expensive than Chapter 13). After filing your documents, you will receive a letter in the mail for your required court appearances. Do not miss you court appearances.
  Most states require that you obtain credit counseling within six months before filing bankruptcy. This information is verified and failure to complete the counseling can result in case dismissal.