The New Bankruptcy Law

How Much Will it Cots?

Being Your Own Lawyer

Beware of Paralegals

Chapter 7, or 13?

Information Gathering

Preparing Your Documents

Completing Your Bankruptcy

Stopping Harassment

_________________________

Free Information Packet!

INFORMATION GATHERING

This is the most important step, and it is not difficult. The information you gather will assist the attorney in protecting your property and stopping lawsuits and garnishments.  Without the correct information, the attorney cannot answer your questions or protect you and your property. You must include income information as well as information about your property and debts and about your financial affairs during the past year.

Property.  In order to preserve your property, you must disclose its existence and claim it as exempt.  Whatever you do not claim as exempt will be taken by the bankruptcy trustee, liquidated, and distributed to the creditors in partial payment of their claims.  If you leave out an IRA, real estate, vehicle, bank account, or some other property, you may get a real shock later when the trustee seizes it for the creditors!  You must correctly describe all your property in order to claim it as exempt.  The attorneys will advise you about how to protect your property based upon the information you provide at your free initial consultation. 

Debts.  When your papers are filed with the court, the court will send a letter to all the creditors you have listed at the addresses you have provided.  That letter will put the creditor on notice that you have filed bankruptcy and that the creditor will have to cease trying to collect from you.  Only the creditors who get the notice will have to leave you alone, however, so it is very important to list all creditors with correct addresses.  If you do not list a creditor with a correct address, that creditor will be able to sue you even though you have filed bankruptcy!

Help Gathering Information.  The attorneys will help you list all your property based upon the information you provide at your free initial consultation.