The majority of cases filed as a do it yourselfer gets dismissed because the person filing bankruptcy did not have the tools needed to file a bankruptcy case correctly.  Filing bankruptcy is not difficult to do yourself because there are specific requirements similar to filing a tax return yourself.  For example, income tax forms titled 1040EX, 1040A and 1040 asks for specific information and have requirements for each form.  Filing bankruptcy is the same in that there is specific information required on bankruptcy forms; it is just that a lot more information is requested.

What You Need to Know About Do It Yourself Bankruptcy Filing

#1Anyone considering bankruptcy is required to complete a credit counseling course within 180 days of filing bankruptcy. There are many sources available for the course at varying prices.  Failure to complete and obtain a certificate of completion before the bankruptcy is filed but within 180 days of filing can result in automatic dismissal of the case.  There is some misinformation or misunderstanding surrounding this requirement as we've seen some sites say that you have 14 days after filing to complete this course.  This is incorrect in that the course MUST be completed before filing; however, if you did not bring a copy of the certificate at the time of filing, you have 14 days after filing to provide the court with a copy of the certificate. #2The Voluntary Petition is the document that makes a bankruptcy official once filed with the clerk of court.  The Voluntary Petition is quick overview about the details of your case; it includes basic but important information such as your name, residential address, mailing address (if different), value of the assets you have, amount of liabilities and the total number of creditors.  The Voluntary  Petition also discloses the chapter of the Bankruptcy Code you're filing your case under.  The two most common types of bankruptcy for consumers are Chapter 7 and Chapter 13.  Please take a look at Chapter 7 vs. Chapter 13 to get an idea of what chapter may be best for your situation. #3The additional documents required in a bankruptcy are:  Statement of Financial Affairs also referred to as SOFA, Schedules A though J, Statement of Current Monthly Income, and list of all of your creditors' names and addresses.  If the bankruptcy case is prepared correctly, the documents filed with the clerk of bankruptcy court contains approximately 40 pages. see list #4A hearing called The First Meeting of Creditors, also referred to as the 341 Meeting, is assigned to all cases which takes place within 30 to 45 days of filing a bankruptcy.  This is a mandatory hearing where you go before the Trustee assigned to your case.  The Trustee will have reviewed the documents filed in the case to make sure there are no discrepancies and will ask basic questions to make sure there's no information that was not disclosed and to see if anything has changed since the case was filed. The Chapter 7 or Chapter 13 Trustee may request that you disclose or change information in your case based upon your testimony at the 341 Meeting. The Chapter 13 Trustee, however, will usually ask for proof of payments for child support, leases or mortgage that have come due after the case was filed. Sometimes a creditor may appear (common with auto finance companies and furniture purchases) to ask you questions about the condition of the collateral, ask if you intend to keep or surrender the collateral and ask for proof of insurance in the case of an auto loan. The questions a creditor can ask you are very limited as they are usually asked in front of the Trustee. #5For Chapter 13 cases, there is a second hearing scheduled in the case called the Confirmation Hearing.  The confirmation hearing is the deadline in which any request by the Chapter 13 Trustee must be provided or resolved.  If the requests are met, the Judge will enter an order stating that the case is confirmed which allows you to proceed forward with the bankruptcy.  If the requests by the Trustee are not meant, then the Judge will enter an order dismissing the case.  A dismissed case means that the protection of the bankruptcy has been removed and creditors can resume any means legally available to them to collect on a debt owed which includes evictions, foreclosure, garnishment and repossession. #6There is a financial management course required after a bankruptcy is filed in order to receive a discharge of your debts.  Failure to complete a financial management course and file a certificate of completion could result in the case being closed without entry of a discharge.  The discharge is necessary in bankruptcy to remove your liability from a debt so that the creditor can not pursue collection of any balance that remains.  Even though creditors can not attempt to collect on a debt while in bankruptcy, you're still liable for the debt until the discharge has been entered.

A Quick Checklist of Required Documents

 

• Credit Counseling Certificate
• Pay stubs or other proof of income for the last 60 days
• Voluntary Petition (Official Form 101, B101)
• Exhibit D - Individual Statement of Compliance with Credit Counseling Requirement (Official Form 1, Exhibit D)
• Statement of Social Security Number (Official Form 21, B21)
• Statement of Financial Affairs (Official Form 7, B7)
• Schedule A - Real Property (Official Form 106A/B, B106A/B)
• Schedule B - Personal Property (Official Form 106A/B, B106A/B)
• Schedule C - Property Claimed as Exempt (Official Form 106C, B106C)
• Schedule D - Creditors Holding Secured Claims (Official Form 106D, B106D)
• Schedule E - Creditors Holding Unsecured Priority Claims (Official Form 106E, B106E)
• Schedule F - Creditor Holding Unsecured Nonpriority Claims (Official Form 106F, B106F)
• Schedule G - Executory Contracts and Unexpired Leases (Official Form 106G, B106G)
• Schedule H - Codebtors (Official Form 106H, B106H)
• Schedule I - Your Income (Official Form 106I, B106I)
• Schedule J - Your Expenses (Official Form 106J, B106J)
• Chapter 7 Individual Debtor's Statement of Intention (Official Form 108, B108) Chapter 7 Only
• Summary of Schedules (Official Form 106Sum, B106 Summary)
• Statistical Summary of Certain Liabilities and Related Data (28 U.S.C. § 159) (Official Form 6 Summary, B6 Summary)
• Declaration Concerning Debtor's Schedules (Official Form 106Dec, B106 Declaration)
• Notice to Consumer Debtor(s) Under § 341(b) of the Bankruptcy Code (Form 2010, B2010)
• Certification of Notice to Consumer Debtor(s) Under § 341(b) of the Bankruptcy Code (Form 2010, B2010)
• Statement of Current Monthly Income (Official Form 122A-1, B122A-1) and Means-Test Calculation (Official Form 122A-2, B122A-2) Chapter 7 Only
• Statement of Current Monthly Income and Calculation of Commitment Period (Official Form 122C-1, B122C-1) and Disposable Income (Official Form 122C-2, B122C-2) Chapter 13 Only
• Creditor Mailing Matrix

Learn More: Bankruptcy Filling