Are there any steps I need to take before filing for bankruptcy? How?

From a strictly legal standpoint, you first look into bankruptcy at noon and file your petition at 1:00 PM. I and all the attorneys that I know about charge extra fees for an emergency case. As a practical matter, almost everyone benefits from bankruptcy planning. First, bankruptcy isn't a good plan for everyone, you need to have an attorney evaluate your unique situation and discussed the risks and advantages of bankruptcy as it affects you. Second, often clients are advised to make changes to get the maximum benefit from their bankruptcy. Sometimes this is as simple as waiting, sometimes it involves taking actions to secure exemptions - for example, $5,000 in cash from your tax return isn't an exempt asset but using the $5,000 as a down payment on a car to replace a car which is more expensive than you can afford makes the $5,000 exempt. To start the process, schedule an appointment with a bankruptcy attorney in your area.

There are a lot of things you need to do. To numerous to list here. Meet with an experienced BK lawyer. For example, I charge a small fee for a one hour meeting where we cover everything from A to Z. It is worth the small payment to be completely knowledgeable about what you need to do to protect yourself pre-filing, and everything thereafter. Good luck!

There are many things to consider in making a decision to file for bankruptcy, including the total amount of debt you have, what sorts of debts they are and how much of it would be discharged in bankruptcy, what sorts of assets you own and what they are worth, what your household income is and how many of you there are in the household, etc. The best way to begin is to sit down with an experienced bankruptcy lawyer who can evaluate your situation. Most bankruptcy lawyers will offer a brief initial consultation at no cost.

First things first: you would really benefit from retaining an experienced bankruptcy lawyer. Such a person's advice and representation can save you from many possible pitfalls. An initial consultation with such a lawyer can tell you what you need to know about preparation. The most important single thing is that you must truthfully disclose all your debts and claims against you, and all your property, and a good-faith estimate of the values of all these. That's not the only information your lawyer will need, but that's a good start. Working out your monthly expenditures and monthly income (gross income, each deduction, and that leads to net or disposable income).

To prepare to file bankruptcy, the bankruptcy court requires you to complete a course referred to as credit counseling. Most bankruptcy lawyers work with a preferred provider of this course and can often get you a discount on the price or include it in their legal fees. Your bankruptcy attorney will need you to provide all of your wage records going back at least 6 months and at least 2 years of recent tax returns. It is very helpful if you can describe your debts in general terms, such as that your car loan has a balance of $15,000, your student loans total $20,000 and that your credit cards come to $40,000 to allow your attorney to assess whether you are a good candidate for bankruptcy, and if so, what type of bankruptcy is best designed to solve your debt problems.

There is a credit counseling class requirement.