Listed below is a more expansive list of documents that you should bring during the first meetings with a bankruptcy lawyer:
Here’s a basic checklist of documents that you should bring during the first meetings with a bankruptcy lawyer: For business bankruptcy, you may need to bring additional documentation, including company balance sheets, budget reports, financial statements, and a list of company property.
If your bankruptcy is business bankruptcy, you may need to bring additional documentation, including company balance sheets, budget reports, financial statements, and a list of company property; Any other questions you have about providing documentation should be asked about to you attorney;
The expert advice and guidance of a lawyer are generally needed for filing a bankruptcy claim. Bankruptcy proceedings typically involve an in-depth investigation into all of a person’s finances, assets, and properties, which can get complicated at times. It’s in your best interests to work closely...
A bankruptcy lawyer specializes in giving legal advice to a client about bankruptcy, prepares legal documents for the client and represents the client in court. An attorney must hold a law degree and be licensed in the state where they do business.
These records will help determine which type of bankruptcy is best suited for you....Financial RecordsMost recent bank statements.Most recent bills from every creditor.Most recent payment coupons for vehicles (leased or purchased), real estate, and student loans.Bills or invoices for purchases in the last year.Receipts.
Chapter 7 bankruptcy erases or "discharges" credit card balances, medical bills, past-due rent payments, payday loans, overdue cellphone and utility bills, car loan balances, and even home mortgages in as little as four months. But not all obligations go away in Chapter 7.
There is no minimum debt to file bankruptcy, so the amount does not matter. Examples of unsecured debts include credit card debt, cash advance (payday) loans, and medical bills. Secured debts: If you are behind on a house or car payment, this may be a very good time to file for bankruptcy.
In bankruptcy, you'll protect property you need to work and live with bankruptcy exemptions. Nonexempt property—usually luxury items—is either lost in Chapter 7 or kept and paid for through the Chapter 13 repayment plan. You won't lose all of your property when you file for bankruptcy.
In Chapter 13 bankruptcy, this applies only to injury to people; debts for property damage may be discharged. Debts for death or personal injury caused by the debtor's operation of a motor vehicle while intoxicated from alcohol or impaired by other substances. Debts that you failed to list in your bankruptcy filing.
Nondischargeable debt is a type of debt that cannot be eliminated through a bankruptcy proceeding. Such debts include, but are not limited to, student loans; most federal, state, and local taxes; money borrowed on a credit card to pay those taxes; and child support and alimony.
What debts aren't affected? Declaring bankruptcy won't wipe out all debts and some types of debt will survive the bankruptcy. In other words, if you declare yourself bankrupt, you will still be required to pay: court-ordered penalties and fines.
You must have sufficient income to make the monthly debt payments outlined in your bankruptcy plan. Your unsecured debts (such as credit cards and medical bills) must be less than $419,275, and your secured debts (like mortgage and car payments) must be less than $1,257,850.
Again, there's no minimum or maximum amount of unsecured debt required to file Chapter 7 bankruptcy. In fact, your amount of debt doesn't affect your eligibility at all. You can file as long as you pass the means test. One thing that does matter is when you incurred your unsecured debt.
The three types of assets when filing bankruptcyPersonal property. This is what's considered material goods; examples include clothing, furniture, artwork and vehicles.Real property. Real property includes land and improvements or buildings tied to land, such as a house or barn.Intangible property.
A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.
Property That Is ExemptMotor vehicles, up to a certain value.Reasonably necessary clothing.Reasonably necessary household goods and furnishings.Household appliances.Jewelry, up to a certain value.Pensions.A portion of equity in the debtor's home.Tools of the debtor's trade or profession, up to a certain value.More items...•
What Debts Are Discharged in Chapter 7 Bankruptcy?Child support.Alimony.Student loans.Some tax debt.Homeowners association fees.Court fees and penalties.Personal injury debts you owe due to an accident while you were intoxicated.Unsecured debts that you intentionally left off your filing.
Additional Non-Dischargeable Debts Certain debts for luxury goods or services bought 90 days before filing. Certain cash advances taken within 70 days after filing. Debts from willful and malicious acts. Debts from embezzlement, theft, or breach of fiduciary duty.
Permanent debt relief in the form of a bankruptcy discharge. Filing Chapter 7 bankruptcy wipes out most types of debt, including credit card debt, medical bills, and personal loans. Your obligation to pay these types of unsecured debt is eliminated when the bankruptcy court grants you a bankruptcy discharge.
An individual receives a discharge for most of his or her debts in a chapter 7 bankruptcy case. A creditor may no longer initiate or continue any legal or other action against the debtor to collect a discharged debt. But not all of an individual's debts are discharged in chapter 7.
There are a number of documents you need before filing for a Chapter 7 bankruptcy. Although the specific documents may vary depending on your type of case and the district you file, you will at least need to gather the following before filing your petition: 1 Your tax returns 2 Pay stubs 3 Appraisals of your home, jewelry, and other exempt assets 4 Your car titles 5 Evidence of child support/alimony obligations 6 Bank statements 7 Proof that you took credit counseling
Financial Records. Your financial records are some of the first documents you should collect. These records will help determine which type of bankruptcy is best suited for you. For example, if your financial documents show you have a regular income, your best fit may be Chapter 13 bankruptcy.
It could also have a major impact on your daily life. Filing for bankruptcy can affect your credit and property.
Preparing for a bankruptcy consultation, no matter if you’re within the Southern District of California Department of Justice, or within another place of jurisdiction, mostly boils down to preparing the same important documentation to bring to your initial consultation:
Now, besides preparing all of the documentation that is extremely important for your case and which allows your bankruptcy attorney to have the perfect insight into your financial troubles, there are two other things you can do in order to prepare for a consultation with your bankruptcy attorney:
A bankruptcy attorney will ask you why you're considering filing for bankruptcy and determine whether filing for Chapter 7 or Chapter 13 bankruptcy will help you solve your financial problem.
Most people show up in an attorney’s office because they need help with one of a small number of problems— and the attorney will be aware of this pattern. For instance, when a bankruptcy attorney asks you what prompted you to call, it’s likely that you’ll say that your debts are piling up and that the stress is becoming unbearable. But you could be facing one of the following situations, too, and if you are, the lawyer will want to know about it because it will require quick attention:
Preparing for the Attorney’s Questions. Most people show up in an attorney’s office because they need help with one of a small number of problems— and the attorney will be aware of this pattern. For instance, when a bankruptcy attorney asks you what prompted you to call, it’s likely that you’ll say that your debts are piling up and ...
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a copy of your social security card. Most lawyers will ask you to complete a lengthy bankruptcy questionnaire, as well. If you can, get it before your meeting and bring a completed copy with you.