If you do some basic planning before you file for bankruptcy, you might be able to save some money, ensure that your case moves along smoothly, and possibly even avoid certain creditor or trustee challenges to the discharge of debts.
Chapter 7 bankruptcy is often a good way for a struggling small business to wind down operations and satisfy creditors. Small business owners can also file a personal Chapter 7 bankruptcy after the company closes to get out from under business debt.
Find out if it's okay to take money out of your bank accounts before you file for bankruptcy. You might be able to protect it using a bankruptcy exemption or spend the funds on necessities of life. Cashing out the savings account funds to hide them from creditors is bankruptcy fraud.