What is the first step one needs to take to file bankruptcy?

The first step to file bankruptcy is analyze your income, assets, debts, and living expenses.

I fully agree with ditchdebt. You must keep in mind that it may take some time to collect all the information. If you are married, don't forget to include his or her information while assembling all of your financial information.

Filing bankruptcy is complicated. Seek professional help to avoid any mistake whole dealing with it. Don't go for the cheapest option. Visit your local bankruptcy court to find out the best lawyer for your case. The lawyer will guide you accordingly.

What kind of bankruptcy would you like to file? Still, regardless of what bankruptcy type you choose, you'll first have to complete credit counseling from an agency approved by the United States Trustee and obtain a certificate from them.