Avoiding Common Mistakes Before and After Filing Bankruptcy

Before Filing Bankruptcy

• Check your credit report and history to identify potential issues that could be affecting your credit score.
• Gather all financial documents, including pay stubs, bank statements, and tax returns, to accurately calculate your debts.
• Consult with a bankruptcy attorney or the U.S. Trustee Program to determine which type of bankruptcy is best for you.

Filing Bankruptcy

1. File Form 1120 (Schedule C) if you're a sole proprietor, and File Form 1120R (Sole Proprietor's Return of Income and Expenses) if you're an S corporation or partnership.
2. Filing fees vary by state, so be sure to check the filing requirements in your area.
3. Pay the required filing fee when you file the bankruptcy petition.