Whether you are opting for the personal bankruptcy under chapter 7 or chapter 13 bankruptcies, the first step in the process of filing would be analyzing your financial status.  This will require the collection of all your financial information.

Such information would contain list of all your debts either secured or unsecured, your tax returns for preceding two years and documents relating to your real estates, vehicle and other loans you have incurred.

It is also essential for you to know exactly how to file bankruptcy applications.  You will need to fill out the form for the purpose with or without your attorney.  They are termed as schedules.  You have to faithfully declare your current financial status and all the recent financial deals you have made.

For application under chapter 13 bankruptcy you will require filing a repayment plan.  The applications for any type of bankruptcy will be filed before the local US bankruptcy court.  Prescribed fees for chapter 7 and 13 bankruptcies are $200 and $185 respectively.

The result of filing a bankruptcy application is an automatic stay that prevents the creditors from contacting you or making any claim on such properties that you have from the date of filing of the bankruptcy.

While filing bankruptcy may give you a much desired immediate relief relating to your debt problems, the long term affects may not be as beneficial for you. Therefore you need some expert advice to conduct your bankruptcy endeavor properly to derive the best of the results or to learn about possible alternatives.

Applying for bankruptcy is the extreme step.  You should consider alternatives prior to that.