What do I need for filing bankcruptcy?

Question

I have over $33000 dollars in credit card debt, recently have gone through a separation and also lost my job. Creditors are calling several times a day, but do not have the resources to pay them.

Norman Moore · Answer

You need information about your debts. Recent bills are a good source. A credit report is a good idea if you have older debt out there you may have lost track of, or if your worried your ex may have debts you don't know about. You will need documentation of your household income for the last 6 months, titles, mortgages and income tax returns.  You will also need good representation.

Dorothy Bunce · Answer

There are many requirements to file bankruptcy.  You will need to complete a pre-bankruptcy credit counseling class, you will need to produce income records covering the past 6 months & you will need to produce one or more recent tax returns.  You need to show that you have little or no money left after paying your living expenses to realistically be able to pay even 25% of your debts over a 5 year period of time.  I would suggest looking into filing bankruptcy now that things appear to be at their worst.  It is amazing how many of my clients file bankruptcy and within a few weeks find work and have a better life as a result of no longer having the pressure of unpaid debts weighing them down.

Michael O'Leary · Answer

Contact a cmpetent bankruptcy attorney in your area and schedule a consultation, so that you can find out what bankruptcy will and (equally important) will not do for you.  You then simply make a business judgment as to whether the "good" of bankruptcy outweighs the "bad".  For people with significant, unencumbered assets bankruptcy can be a two-edged sword, and you need to find out what you are getting in to so that you have no surprises if you do ultimately file.

Myron Tucker · Answer

You need to prepare about 55-65 pages that include the petition, schedules, statement of financial affairs, and other documents. All of your assets, debts, income, and expenses must be disclosed. You will have to decide what to claim as exempt. You may need to disclose your spouse's income, expenses, assets and liabilities also. You need to complete a qualified debtor education course. The filing fee is $306.00. After you file you need to complete a financial management course and attend a meeting of creditors. If all of that is done properly, you then wait about 60 days after the meeting for your notice of discharge. If all is in order, your case will then be closed. If you allow an attorney to assist you, your main job will be to provide the information, take the courses and show up for the meeting. Also, if you retain an attorney, the creditor calls will drop off even before you file the petition.

D. Nathan Davis · Answer

Just because you have lost your job and the creditors are calling may not be a reason to file bankruptcy.  If you are not making enough money to live on, you are simply going to incur more debt and the calls from the new creditors will simply replace the old calls.  The calls will not kill you or even hurt you.  You do not have to answer the phone or you can hang up on the debt collectors.  Contact an attorney and find out how a bankruptcy can help you get rid of the old debt once you have a way to move to a better and self sufficient life.

Asaph Abrams · Answer

There is no debt limit or threshold for filing chapter 7 bankruptcy. Lost or reduced income is a common trigger for bankruptcy as is economically-adverse-change (or pending change) to marital status. Divorce and separation issues mustn't be glossed over in determining bankruptcy eligibility and assessing risk factors.  Consult with qualified bankruptcy counsel and inform him/her of your marital situation.  This answer (by San Diego bankruptcy attorney, Asaph Abrams) doesn't address all facts & implications of the question; it's general info, not legal advice to be relied upon and exceptions may apply. It creates no attorney-client relationship; it may be pertinent only to CA and/or its Southern District Bankruptcy Court in San Diego.  It's independent of other answers. It may be time sensitive, as in past the "Use by" date: laws and case law change.  Hire a bankruptcy lawyer before acting or refraining from bankruptcy or other legal action.

Christian Paul · Answer

You should make an appointment to see a local bankruptcy lawyer. Many offer free or low-cost consultation. Take all property deeds, vehicle registrations, most recent tax returns, pay stubs, and statements from all creditors, as well as a list of your monthly expenses, so the lawyer can evaluate your case. Be prepared to take notes of whatever the lawyer may tell you. If bankruptcy is the best route for you, you will have to pay the lawyer's fee before he or she begins workthat is customary, so that the lawyer will not be one of your creditors, too.

Kenneth Parker · Answer

To start off, please get together the following:  1. Your paycheck stubs from July 1, 2012 to the present. (If you recently lost your job, just bring the paycheck stubs for the weeks you worked)  2. Your tax returns for 2009, 2010 and 2011. We will also need your 2012 return when you file it.  3. A complete list of all of your debts.

John Brennan · Answer

You need to engage a bankruptcy attorney and get the case filed to stay the collection actions and calls.

Rustin Polk · Answer

Certain items are needed in every case. These include proof of income (usually your paystubs from your job), copies of the last few tax returns you filed, your drivers license and your social security card.  What additional items your bankruptcy attorney needs in order to do a good, solid case for you could vary a little bit depending on your situation. These could potentially include copies of your car insurance, a credit report, any lawsuits filed against you, etc.  You aren't required to have all of this stuff prior to hiring your attorney and getting the process started, but you'll need to have most of it gathered up before the attorney is all done putting the case together and having it ready to be filed with the bankruptcy court.

Edward C. Hay · Answer

I think a bankruptcy would be a very good idea.

Willie Stephen Graves · Answer

You need a list of all your creditors by name, address, amount owed and any security they hold, a list of everything you own (no, you don't need to itemize your kitchen utensils or clothing, and most if not all of what you own will be exempt to you), and you need a bankruptcy lawyer. See one.

Theodore Araujo · Answer

Make sure you answer the phone every time it rings.  If you get sued go to my web site and get the free "The Answer" to file so they do not get a default judgment.

Diane Drain · Answer

Bankruptcy is a very complicated process.  It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.  Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.

Gregory Wald · Answer

The first step is to meet with a bankruptcy attorney. Many bankruptcy attorneys have worksheets that you can fill out and a list of documents to bring along for your initial consultation to get the process started.

Giovanni Orantes · Answer

It sounds like your situation is one that could be relieved by a bankruptcy petition.  However, I need to know more. You say you are separated, which usually means only your income counts to determine whether or not you qualify for Chapter 7 relief, but I would still need to know how much you have made on a gross basis over the last six months to determine if you qualify for Chapter 7 relief. Otherwise, you may need to file under Chapter 13 or 11. Again, while I suspect you qualify, I need more information to know if you do.

Cary Smalley · Answer

I suggest you retain a bankruptcy attorney to ensure that the process is done correctly.

Stuart Nachbar · Answer

You would be a very good candidate for bankruptcy in NJ. Call a bankruptcy attorney in your jurisdiction.

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