Most things in life come with a set of rules or a list of requirements that must be met. For instance, it is a well-established rule of law that in order to sit for your driver’s license exam you must first turn sixteen years of age. And if you have plans to vote in this year’s presidential election, you have to be eighteen and a registered voter. If you are experiencing financial difficult you may be thinking about filing for bankruptcy and wondering what the rules are for filing.
The list of rules for filing bankruptcy is lengthy and best left to a trained professional to interpret. But on a basic level, the requirements to file bankruptcy case include:
- To file as an individual you must be a consumer and have consumer debt. This means the debt you include in a personal filing must be personal debt and not debt related to a business.
- You must report all of your debt and all of your income in order to file bankruptcy.
- You have to submit to the means test, to determine if you are eligible for a Chapter 7 or if you will be made to file a Chapter 13.
- You will be required to show proof of identification when you appear before the Trustee at the initial meeting of creditors and provide the documents requested by the trustee. This usually includes pay stubs and copies of your income tax returns.
If you have previously filed bankruptcy you also have to make sure that the timing is right. There are rules about how close together you can file bankruptcy cases. In order to make sure you meet the requirements call our office to learn more about bankruptcy.
For more information about money, budgets, and bankruptcy contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.