When an individual is no longer in a position to pay debts and a repayment plan has failed to work, they may be forced to file a bankruptcy petition which allows the court to protect the debtor from the creditors harassment. Before the debtor can file, they are required to get themselves an attorney who will advice them appropriately on the move the debtor is about to make.
The debtor will also be expected to present to the court a list of all the creditors. This must be accompanied by a list of all assets that are in his name and recent copies of their financial statements. Before filing the bankruptcy petition, the debtor is required by the court to go through credit counseling which is done by a non-profit credit counseling agency appointed by the court.
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This session takes an hour or two and helps the debtor to clear any doubts that he might have on the issue. It will be done before and after the filing. Once the bankruptcy petition has been filed, a means test will be done in court to determine if or not the debtor qualifies for chapter 13 or 7.
In case the disposable income of the debtor is below the median of that particular state, then the debtor cannot be allowed to file for chapter 13 but instead will have to sell off his property to cater the debt. The court will then call for a meeting in which the debtor is required to confirm a list of all the debts in his name. This is done in the presence of creditors and trustees with the debtor under oath.
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