Necessary Information

Whether a straight bankruptcy, debt consolidation or debt negotiation is the decided action in dealing with your financial difficulties, an important contribution you will need to make during the process will be the gathering and collection of your personal information.   
 

Documents Required for Filing:

 

In order to prepare a consumer bankruptcy case, the client must bring the following documents:  
 

•    PICTURE ID and SOCIAL SECURITY CARD bank sttements for your business.

 

•    ALL DEBT INFORMATION
 

A recent bill for each creditor in your possession with name, address, account number and amount owed and a credit report. 

 

 

Under the FACT Act amendments to the Fair Credit Reporting Act you are entitled to one FREE Credit Report in a 12 month period. To request this FREE credit report you may contact the Central Source on line at:

www.annualcreditreport.com

-or-

To order your FREE Annual Credit Report by phone call the Central Source toll free at: (877) 322-8228

 

•    PAY STUBS and/or proof of any other income for the last six months.  
 

Note: For the last 6 months this includes income from support, social security, pension or other sources (such as someone paying your living expenses). Bring documentation showing all household income, including records of any bonuses, commissions, or other payments you have received in the last 6 months. 
 

•    INCOME TAX RETURNS for previous 2 YEARS, if available.
 

•    IF YOU OWN REAL ESTATE or if your name is on property, bring the following:
     

                              •    Appraisal if you recently had your property appraised or a broker’s price opinion.
                             

                              •    Deed you received when you bought the property from the prior owner.
 

                              •    All trust deeds or land sale contract.
 

                              •    Most recent billing statement for each home loan showing the balance owed.
 

                              •    Proof of insurance on property (the policy declaration page).
 

•    FOR ALL MOTOR VEHICLES or WATERCRAFT owned or in your name:
 

                              •    DMV registration for each vehicle or boat
 

                              •    Vehicle purchase or lease agreement if you intend to keep the vehicle.
 

                              •    Most recent billing statement or a printout showing the payoff balance.
 

                              •    Proof of insurance for each vehicle or watercraft.

 

•    BANK STATEMENTS FOR PAST 3 MONTHS for your checking and savings bank or credit union accounts and statement for all 401K, IRA or other retirement plans. Also include the closing statement from any accounts you have closed in the past year.

 

•    DIVORCE – property settlement agreement if you have been divorced.

 

•    TRUST DOCUMENTS if you created a trust or are the trustee or beneficiary of a trust.

 

•    CIVIL LAWSUITS – any complaint you filed or that was filed against you, including judgments.

 

•    IF SELF-EMPLOYED – 6 month’s of monthly profit and loss and bank statements for your business.

 

 

 

 Incurring Debt Just Prior To Filing

Certain debts incurred within 60 days prior to the filing of a Chapter 7 bankruptcy case are presumed fraudulent and may not be discharged in a Chapter 7 bankruptcy case.   Therefore, it is usually not a good idea to use your credit cards or incur debt within the 90 day period prior to filing a Chapter 7 case.

 Amendments

An amendment can be used to add any creditor that you may have forgotten to include in your initial papers.   There will be an additional fee for such amendment.

 Property/Assets

It is a common fear that during the bankruptcy process your creditors or the court will take everything you own. In most cases, you will not lose any property or assets.  Resist the urge to conceal your assets from your attorney. Your attorney is your ally and cannot work on protecting assets they don’t know about.

 Bankruptcy Stay

The moment your bankruptcy petition is filed and stamped by the court, your assets are protected from your creditors and all collection activity is stayed.

 Credit Counseling Requirement

Under the new laws, you are required to take two short counseling courses. The first (approximately 45 minutes) is taken at least a day prior to filing the case and the second (approximately 1 hr and 45 minutes) is taken after the case is filed but prior to the closing of the case. The courses can be taken over the internet, by telephone or in person, whichever is more convenient for you. Contact information regarding the counseling agency's will be provided at your consultation.

 

Call the Law Office of Brian A. Kretsch to set an appointment for Debt Relief now.

(619) 696-6629

 

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