1) Bankruptcy can be filed in 2 options
Which one you choose, depends on a few things.
A- For Chapter 7, you get to keep your house and car, if you can clear their dues, you get to walk away from most of the debt.
B – For Chapter 13, depends on your income. If you have earned too much or filed for Chapter 7 in the last 8 years, this is what you need to do. Here, all your debts get paid off, but you don’t have to pay the entire thing. Some creditors may not get anything out of you.
2) Documents you will need
– Bank statement of the last 6 months
– Check stubs of the last 6 months
– Last two Tax Returns you have filed
– List with all the Creditors
– List of Monthly Average Expenses
– A copy of any document of Car Title or Home Deed
– File for taxes if not done, before the case is discharged
If you have already filed your taxes, spend your Tax Refund only after talking to your Bankruptcy Attorney, as you might get to keep some or all back.
4) Tax Returns
Please remember, the creditors who owe money from you cannot be paid back from the money of the tax refund. The Bankruptcy Court may take that money back from you. So don’t forget to discuss that with your attorney.
Make sure you choose a good attorney, who helps you with these things.
5) Suspended Driver’s Licence?
In certain places, even if your Driver’s Licence is suspended for a Civil Judgement, you may be able to get it back the next day after you file for Bankruptcy. Of course, rules may vary from place to place. Please contact your lawyer for details on the same.
6) For some things, you cannot claim Bankruptcy, but you still have to list them on your documents.
– Payment of Student Loans
– Order for Child and Family Support
– An International Tort, i.e., something you purposely did to someone, like an assault case.
7) Who can help you with your Filing?
Only an Attorney can help you with the filing of your documents, or applying for Bankruptcy. So trust an Attorney, and even though you might be charged for the service, but be rest assured, that you will get the best guidance. It is important that you chose an experienced attorney for filing you case as they can make the entire journey a cake walk with their expertise and knowledge.
8) In need of a Lawyer?
The most important thing you need to keep in mind is looking for an attorney, who has experience in these types of cases. Someone, who regularly deals with Bankruptcy cases, as it may look easy to file and do, but it is not. Once a case is filed, making sure it is on the right track is important. Only an experienced attorney can do that.
Be careful while filing, and look for a good attorney to help you.