Common Chapter 7 Bankruptcy Questions and Answers
You can use the most current form, but at the top of the page just write in the tax year you are submitting. They should have copies of those documents. Just be clear about what years you need, and expect the response to take some time. Check your credit reports. You may think you know what debts you owe, but the credit reports have your official history.
Even if something in a credit report is incorrect, you will need to resolve the discrepancy. So to help you decide if bankruptcy is necessary, get copies of your three credit reports and review them. The three nationwide credit reporting companies are TransUnion, Experian, and Equifax. According to the Federal Trade Commission, you can get official copies of all three reports online at www.
You can also call to request the reports by telephone.
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When you make your request, you will need your name, address, social security number and date of birth. You will need the information contained in them if you decide to file bankruptcy. Make lists of your assets and debts. You may feel as though you are behind in payments, and that feeling can become overwhelming, but you need to organize the facts before you can really decide. One list should contain your regular income. The second asset list should be a list of valuable property that you own. Make a list of your house, car, cash in the bank, and any other significant personal items.
Make two lists of debts.
One list should be your recurring obligations, things like mortgage or rent payment and reasonable estimates for food, utilities, clothing, car maintenance, and so on. The second list should be any outstanding debts that you owe, like past due credit card bills, loans to family members or friends, and even unpaid parking tickets. Compare your assets and debts to determine your true financial situation. The Bankruptcy Code defines insolvency as the state when your debts exceed the fair market value of your assets.
If, in this circumstance, your other monthly bills exceed your ability to pay each month, you may need to reorganize your personal finances or spending habits.
Using a second mortgage to pay off some other debts might be better, in this case, than filing bankruptcy. You just need to make copies of them to submit with your eventual bankruptcy filing. If you need to get copies of tax returns that you have filed in the past, you can get these from the IRS. It is also possible to get an actual photocopy of the return, but that is more costly and takes longer.
You will need your social security number, birth date, filing status and mailing address from your most recent return. You will also need a credit card number or account number for some loan or line of credit. Finally, you need a cell phone in your name. You can access the online service and print transcripts of your tax returns in minutes. To get one or more transcripts by mail, you will need your social security number, date of birth, and address at the time of your last tax filing. Submit the information online at https: Your transcripts will arrive in the mail within five to ten days.
Get a printed mortgage statement. In order to support your report on your bankruptcy petition, you will need a copy of your latest mortgage statement, which will show the outstanding balance due on your mortgage, along with information about your interest rate and monthly payments.
You will use this information to prepare a couple different bankruptcy forms. If you do not have a recent mortgage statement, you can get a report from the bank or lending agency that owns your loan. Contact them by telephone and request a statement of your mortgage. They should be able to mail you one. You do not need to say anything about bankruptcy filing. You are entitled to a copy of your report without having to give any reason. Collect copies of statements for any other loans that you owe. You should try to get the most recent report possible.
If the information is one month or so behind, that would be acceptable. When the most current statement arrives in the mail, make sure to save a copy of it.
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Copy original loan documents. In addition to recent payoff information, you will need copies of the original loan documents for your mortgage, car loan, and any other loans that you owe. Your attorney will want to review the language of the loans to see if you are entitled to any special treatment for those loans. Gather paperwork for all other financial matters. To prepare your bankruptcy filing, you will need to be as accurate as you can.
What documents do I need to file in a chapter 7 case?
That means having the most recent bills or monthly statements. Collect whatever information you can regarding any or all of the following: Identify your need for counseling. Before you are eligible to file bankruptcy, you must first consult with a non-profit credit counseling agency. The purpose of this requirement is to help you understand other possible options besides bankruptcy, and to assist you in reviewing your finances to see if you can manage your debts without filing bankruptcy.
Find an approved non-profit counseling agency. The United States Trustee is the office that oversees many bankruptcy operations nationwide. Among other things, the U.
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Many of the approved services are available either online or even by telephone. So while you will begin the selection process by identifying the state where you live, it is not a requirement that the counseling agency be based in your home state. Participate in the counseling services. A counseling session may occur in person, online or by telephone.
A typical counseling session will generally last between one and two hours.
During this session, you will learn how to evaluate your finances, plan a budget, and discuss options to filing bankruptcy. If you cannot afford to pay, you can ask for a fee waiver at the beginning of the session. A flat fee will be quoted to you during your free initial consultation depending on the facts of your case. To determine whether or not you qualify for a chapter 7 bankruptcy we must look to see if your household income is below the state Washington state median income for your household size, and whether you have filed bankruptcy in the last 8 years.
Additionally, there may be several other factors to consider which we can go over during your free consultation. The most common debts such as credit cards, personal loans, medical bills, and payday loans are usually dischargeable. How much of my personal belongings can I keep when I file Chapter 7 Bankruptcy? A bankruptcy attorney with Symmes Law Group will assess your situation and determine whether the federal or state bankruptcy exemptions should be applied to your case so that you get the max protection you are allowed by law.
In most cases you will only be required to go to court one time to meet with a trustee who will question you about your bankruptcy petition. The meeting will be held in the jurisdiction for which you live. In Seattle, the bankruptcy court is located at Stewart St.
You may file your chapter 7 bankruptcy case in Washington State if you have lived in Washington state for the greater part of the last days. How long until my debts are completely discharged after filing bankruptcy?
You will be notified by mail of your discharge. A comprehensive list of websites with useful information to help you take control of your finances. Skip to main content. What documents do I need to file in a chapter 7 case? You need to file these forms, all of which should be prepared by an attorney: Bankruptcy News for You Updated daily, this blog will keep you informed on the latest bankruptcy news!
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