Filing bankruptcy can be a paper intensive task. The documents and information required to file a case come from you, the debtor, and can take a while to gather. So if you are having a hard time paying all of your bills, take the time now to get some of the things needed to file a bankruptcy case together so you can act fast to get the relief you need. Once you have all of our documents in hand, it is time to sit down with a knowledgeable bankruptcy attorney and talk about your expectations from the process. In a Chapter 13 you should be prepared to remain in your case for up to five years, but know that if you are able to pay off the Chapter 13 Plan earlier you are permitted to do so without penalty. You should also be prepared to have at least one meeting at the courthouse with the Trustee, and he or she will ask to see certain papers.
The documents needed to file a Chapter 13 case include:
• 6 months’ worth of pay check stubs, to show your current income level.
• The past few years’ worth of income tax returns, including the most recently filed return.
• The deed or mortgage to your home.
• Car and boat titles.
• An accurate list of all the people you owe money to, along with the account number and balance due.
These are the things needed to get a case started and once the case is filed, you will then need to show up to Court to answer questions of any creditors that decide to be present, and also respond to any question posed by the Trustee. Most creditors keep their questions limited to what you plan to do regarding their specific debt and property, such as whether you plan to keep the collateral that secured their loan and keep paying, or whether you are going to give up the collateral. The most common types of lenders present are house and car lenders. The Trustee will ask a few simple questions about your reasons for filing bankruptcy, and your residency status. The Trustee will also need to see proof of identification, so be sure to bring in a valid ID to the Courthouse. After this initial meeting, you usually do not need to come back to Court, but will have to make your monthly Chapter 13 Plan payments to the Trustee, so funds can be disbursed to your lenders according to your repayment plan.
For more information about bankruptcy, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.