Bankruptcy Document Review
Chapter 7 and chapter 13 require even more paperwork since the Bankruptcy Abuse Prevention and Consumer Protection Act was passed in 2005. Failure to file the correct documents can result in your case being dismissed, so make sure to have an attorney at least review your documents.
The information to take when consulting your bankruptcy attorney is the same as that for bankruptcy chapter 7 Most of the documents required are also the same:
Bankruptcy petition
List of creditors
Schedule of your assets and liabilities
Schedule of your current income and expenses
Statement of your financial affairs
Certificate from your attorney or bankruptcy petition preparer (if there is one) stating you have received a notice describing the bankruptcy chapters and services available from the required credit counseling agency as well as a statement specifying that anyone who knowingly or fraudulently conceals assets or lies under oath is subject to fine, imprisonment, or both. If no one helped you prepare your petition, you must file a certificate that you received such notice from the bankruptcy court and read it.
Copies of all pay stubs you received with the 60 days before filing
An itemized statement of your monthly net income showing how it is calculated
A statement listing any reasonably anticipated increases in your income or expenses for the next 12 months
If you have property that secures a debt (usually a home and/or car), a statement of your intention with regard to the treatment of the property in bankruptcy
A certificate from an approved credit counseling agency that describes the services provided and a copy of your debt repayment plan (if any) developed by that agency
A record of any interest you have in an individual retirement account
Income tax returns for the past four years
An analysis of the means test
In addition to these documents, you will need to submit a plan that shows how much you will pay your creditors and over what length of time. The plan must show that you will pay creditors at least what they would receive under chapter 7 bankruptcy. This basically means your creditors must receive payment equal to the value of your non-exempt assets. This value is what the asset is worth at the time you file bankruptcy.
Your repayment plan must also show that you contribute all of your disposable income to debt repayment. It's usually income left over after your provide for support for you and your family, but it many cases, that amount is determined by a means test. The means test involves income averaging for the past six months and then deducting allowed expenses. It is complicated, so you might wnat to leave it to your bankruptcy attorney.
Read more about the new requirements at the bad credit resource site http://www.badcreditovercome.com
Credit Guide
Chapter 7 and chapter 13 require even more paperwork since the Bankruptcy Abuse Prevention and Consumer Protection Act was passed in 2005. Failure to file the correct documents can result in your case being dismissed, so make sure to have an attorney at least review your documents.
The information to take when consulting your bankruptcy attorney is the same as that for bankruptcy chapter 7 Most of the documents required are also the same:
Bankruptcy petition
List of creditors
Schedule of your assets and liabilities
Schedule of your current income and expenses
Statement of your financial affairs
Certificate from your attorney or bankruptcy petition preparer (if there is one) stating you have received a notice describing the bankruptcy chapters and services available from the required credit counseling agency as well as a statement specifying that anyone who knowingly or fraudulently conceals assets or lies under oath is subject to fine, imprisonment, or both. If no one helped you prepare your petition, you must file a certificate that you received such notice from the bankruptcy court and read it.
Copies of all pay stubs you received with the 60 days before filing
An itemized statement of your monthly net income showing how it is calculated
A statement listing any reasonably anticipated increases in your income or expenses for the next 12 months
If you have property that secures a debt (usually a home and/or car), a statement of your intention with regard to the treatment of the property in bankruptcy
A certificate from an approved credit counseling agency that describes the services provided and a copy of your debt repayment plan (if any) developed by that agency
A record of any interest you have in an individual retirement account
Income tax returns for the past four years
An analysis of the means test
In addition to these documents, you will need to submit a plan that shows how much you will pay your creditors and over what length of time. The plan must show that you will pay creditors at least what they would receive under chapter 7 bankruptcy. This basically means your creditors must receive payment equal to the value of your non-exempt assets. This value is what the asset is worth at the time you file bankruptcy.
Your repayment plan must also show that you contribute all of your disposable income to debt repayment. It's usually income left over after your provide for support for you and your family, but it many cases, that amount is determined by a means test. The means test involves income averaging for the past six months and then deducting allowed expenses. It is complicated, so you might wnat to leave it to your bankruptcy attorney.
Read more about the new requirements at the bad credit resource site http://www.badcreditovercome.com
Credit Guide
posted by Fiona at 6:35 PM
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