Home » William D King Shares The process of filing for bankruptcy in the U.S.

William D King Shares The process of filing for bankruptcy in the U.S.

The process of filing for bankruptcy in the U.S. can be complex and overwhelming. There are several steps you must take in order to file, and each one comes with its own set of requirements and deadlines explains William D King. In order to make the process as smooth and stress-free as possible, it’s important to familiarize yourself with the bankruptcy process before filing.


1. The first step in filing for bankruptcy is gathering all your financial information. This includes your current income, debts, assets, and expenses. You’ll need to provide this information to your bankruptcy attorney so they can determine which type of bankruptcy is best for you.

2. The next step is completing a credit counseling course. This course will help you understand the consequences of bankruptcy and how to rebuild your credit after declaring Chapter 7 or Chapter 13 bankruptcy.

3. After completing the first two steps, you’ll be ready to complete your bankruptcy filing. There are three required forms that must be filed with the court:

1. A petition for relief (this form is filed by the debtor)

2. A statement of your current monthly income and any anticipated increase in income or expenses after filing

3. A list of all creditors you plan to include in bankruptcy proceedings

4. You will also need to provide a copy of your most recent paycheck stubs, proof of taxes paid over the past six months, proof of Social Security payments made over the past six months, proof of unemployment compensation received over the past six months, bank statements from all accounts including checking, savings, certificates of deposit (CDs), stock accounts, and tax returns from the past two years.

5. Once you’ve gathered all of your financial information and completed your filing forms, you’ll need to pay a filing fee – usually between $335 – $555 depending on which bankruptcy form you file. You can use cash or a credit/debit card to make this payment.

6. Be sure that all of the required forms are filled out correctly and completely before filing for bankruptcy. If any information is missing from your filings it will be returned to you for revisions and resubmission, delaying the process until all documents pass court inspection says William D King.

7. Once your petition has been filed, you will receive disclosure statements that outline what assets are included in the proceedings (assets will be liquidated to repay creditors) and how much money you will owe your creditors after the bankruptcy is finalized. You will also be notified of the date and time of your first bankruptcy meeting, also known as the “341 meetings.”

8. The 341 meeting is a mandatory meeting that all debtors must attend. This meeting is where the bankruptcy trustee will ask you questions about your bankruptcy filing, assets, and debts. The trustee may also ask to see documentation related to your filing.

9. After the 341 meetings, it’s usually several months before your bankruptcy case is finalized. During this time you are still responsible for making payments on any outstanding debts. Once your case is finalized, you are released from those obligations and can begin rebuilding your credit.

10. Filing for bankruptcy in the U.S. may seem like a strenuous process, but it’s imperative that you’re aware of every step involved in the process. The better prepared you are for your bankruptcy filing, the more streamlined and stress-free it will be.

With that said, there is no need to go into this alone. Partnering with an experienced bankruptcy attorney will make the entire process easier on you, while also having someone in your corner to answer any questions or concerns should they arise explains William D King.


Are all bankruptcies Chapter 7 or Chapter 13?

No. Under certain circumstances, filing for Chapter 11 bankruptcy may be an appropriate solution to your financial troubles. This form of bankruptcy allows individuals and businesses to restructure debts and liabilities in order to repay creditors at a manageable rate over a predetermined period of time.

Can I file for bankruptcy without an attorney?

It’s possible, but not recommended. Filing for bankruptcy is a complicating process with many rules and regulations that must be follow. In order to prevent delays and denial of filings. For this reason, you should seek the services of an experienced bankruptcy lawyer. Who can guide you through the process from start to finish. While ensuring your rights are protected throughout the proceedings.


Bankruptcy is a serious matter. William D King says If you are considering filing for bankruptcy. It is important to be prepare before making any decisions. The more information you have about the process. The better your chances of success will be when filing for bankruptcy protection in court.

The writer’s main objective is to help people struggling with financial issues get out of debt. And restore their lives again by using the latest bankruptcy reform laws passed by congress together with consumer credit laws.