Getting Started with Bankruptcy

Steps for filing for bankruptcy with Kainrath Law Firm

Filing bankruptcy may seem overwhelming, but Scott Kainrath, at Kainrath Law Firm will guide you through every step of the process and work with you to determine the best path of action.

1. Consultation

The bankruptcy process starts with a free consultation. Though none of the following documents is required, any you bring to the consultation helps to kick-start the bankruptcy process (copies):

1. Two years most recent tax returns with two years W2s
2. Credit report
3. Three recent bank statements for all bank accounts
4. Six months most recent paystubs
5. Legal description and property tax valuation of house
6. Most recent credit card statements for all credit cards
7. Copies of medical bills
8. Car loan(s)
9. Mortgage loan(s)
10. Domestic support obligation order (child support)
11. Spouses paystubs

2. Credit counseling

Prior to filing bankruptcy, you will be required to attend a credit counseling course, generally over the Internet or the phone. The course is designed to help you learn the basics of developing a budget/bankruptcy plan. Once completed, a certificate will be sent to you and your attorney will be notified.

3. Bankruptcy petition

Your attorney will develop bankruptcy petition from the information gathered during your consultation and provided paperwork. Once complete, you will review and sign the petition.

4. File bankruptcy

Your attorney will file the bankruptcy petition and your case will be assigned to a bankruptcy trustee. The trustee is not a judge, but an attorney who will oversee your bankruptcy case. In the Indianapolis area, there are two Chapter 13 trustees and several Chapter 7 trustees.

5. Begin payments (Chapter 13 ONLY)

30 days post filing bankruptcy, you will begin your monthly payments. Depending on the bankruptcy plan, you will either pay monthly for 3 years or 5 years until debts are discharged.

6. 341 Creditor meeting

Approx. 45 days after filing bankruptcy, you will attend a brief meeting with your assigned bankruptcy trustee and any creditor who chooses to attend. You must bring a picture ID and social security card. The trustee will ask a few questions to determine any non-exempt assets. Creditors are also allowed to pose questions.

7. Consumer debt education

For Chapter 7 bankruptcies, you will attend a consumer debt education class and generally will have all dischargeable debts discharged within 90 days of completing the class. For Chapter 13 bankruptcies, you must complete the class prior to bankruptcy plan completion (3 years or 5 years).