What procedures should I follow in the event of bankruptcy?

Filing for bankruptcy is a serious matter, so it is important to make sure you understand the process and procedures before beginning. If you are considering filing for bankruptcy in California, here are some steps to follow: First, it is important to familiarize yourself with the different types of bankruptcy available to individuals in California. There are three common types: Chapter 7, 11 and 13. Each type has different requirements and impacts, so you should research each option to determine the best choice for you. Second, you must complete several federal forms, such as a voluntary petition for bankruptcy and other forms for personal financial management. You must also be prepared to provide detailed information about your debts, assets, expenses, income and other financial matters. Third, you must attend a hearing in a court of law, where you will be required to swear an oath truthfully answering all questions asked by the court. This is called a “meeting of creditors,” which is the final step before a court may consider granting a bankruptcy discharge. Finally, you must follow all the court’s orders. This includes regular payments to the court, such as fees and court-mandated finance classes. Bankruptcy can be a difficult and overwhelming process and should only be undertaken with careful consideration. It is important to speak to a qualified attorney to ensure you are following the correct procedures.

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What procedures should I follow in the event of bankruptcy?

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