The following is my Bankruptcy Information Sheet that I give to all my bankruptcy clients.
INFORMATION YOUR ATTORNEY NEEDS TO EVALUATE YOUR CASE:
- Tax Returns for the past two years
- Bank statements for the past three months
- Pay check stubs or other proof of income for the last SIX MONTHS
- Completed Bankruptcy Client Information Sheet
- Copies of your driver's license and social security card
CREDITOR'S MEETING
When you file bankruptcy, you will have to attend a creditor's meeting. The creditor's meeting is conducted by the Trustee and gives your creditors a chance to appear and ask you questions. The Trustee is appointed by the Bankruptcy Court to oversee your case. The time and date for the creditor's meeting is set by the Trustee and I do not have any control over when it is set. You need to be present 30 minutes before the time of your meeting and bring a picture i.d. (driver's license) and proof of your social security number (social security card). I will be at the Creditor's meeting with you.
CHAPTER 7
You can file a Chapter 7 bankruptcy depending on your income if you are current on your payments to secured items that you want to keep such as your house and your car. If you can file a chapter 7 bankruptcy, you will receive an order from the Court that relieves you of your obligation to pay certain debts. This is called a discharge. You will need to discuss with your lawyer the debts that you can discharge. If you want to keep certain items such as your house and your car, you will have to sign a reaffirmation agreement with the creditor. A reaffirmation agreement is an agreement with your creditor that states that you agree to keep paying the debt as you have been paying. It is your responsibility to contact the creditor and request a reaffirmation agreement.
CHAPTER 13
If you are behind on a secured item that you want to keep such as your house or a car, you will probably need to file a Chapter 13. If you have had a previous Chapter 13 case dismissed within the past year, you may not be eligible for Chapter 13. In Chapter 13 or wage earner bankruptcy, you must have monthly income. We will submit a plan to the Trustee to repay your creditors. Your income must be enough to pay your plan and pay your monthly expenses. Your plan will last from 36 to 60 months and during that time payments will have to be made to the Trustee. If you have income from a job, the payments will be withheld from your pay and sent to the Trustee. If you are self employed, you will have to make the payments yourself. It is your responsibility to make sure that your payments are sent to the Trustee. You must make a payment within thirty (30) days of filing your petition. When your plan is paid, debts that are paid off through the plan will be paid in full. Other debts that take longer to pay off such as your mortgage will be current when your plan is paid and you will just continue to make your normal monthly payments after the bankruptcy is closed. You must provide the Trustee with copies of your tax returns every year you are in your plan.
CREDIT COUNSELING AND FINANCIAL MANAGEMENT
Whichever type of bankruptcy you decide is right for you, you have to complete credit counseling before you file bankruptcy. This credit counseling is normally over the phone and/or the internet. You must also complete a financial management course or debtor education course before you receive your discharge.
