what information do i need to give my attorney for chapter 13 bankruptcy

What documents do I need to file a chapter 13 bankruptcy?

In order to do that, you have to back up your repayment plan with solid facts. You can do that by gathering all the information you have and providing it to your bankruptcy attorney. You need: A list of all your creditors, and how much you owe each; Proof of your income; A list of all your property; A list of your monthly living expenses

Do I qualify for a chapter 13 bankruptcy?

Your attorney will probably need all of your business records for a year or two showing gross income and all expenses. This might be as simple as a check register, or a spreadsheet itemizing your banking records.

What to do if your tenant files a chapter 13 case?

May 20, 2020 · You must enter all of your financial data and be able to give the court a full and accurate picture of your financial situation. Part of filling out the bankruptcy forms in a Chapter 13 case is also drafting your Chapter 13 repayment plan. Step 7: File your Chapter 13 Bankruptcy petition and pay the filing fee.

What do I need to bring to my business bankruptcy appointment?

Any disposable income needs to be directed to your bankruptcy plan to pay your debts. As part of your Chapter 13 plan, you will complete a means test, which will determine how your income matches up to the average income in your area. If your income is higher, you will complete the whole test to come up with the amount you will have to pay ...

Does Chapter 13 trustee check your bank account?

Does Chapter 13 Trustee Check Your Bank Account? Yes, it's highly likely that your appointed trustee will check both your personal bank accounts and any business-related bank accounts which you may have under your name.Jan 23, 2022

Can my Chapter 13 be denied?

Chapter 13 Can Be Denied if the Bankruptcy Process is Not Followed. Under relevant bankruptcy law, a debtor should enroll and successfully finish a credit counseling course from an institution approved by the United States Trustee's Office. Otherwise, it is likely the bankruptcy case will not push through.

How long does a Chapter 13 discharge take?

Since a chapter 12 or chapter 13 plan may provide for payments to be made over three to five years, the discharge typically occurs about four years after the date of filing.

What happens if my income increases during Chapter 13?

An Increase in Income During Chapter 13 The amount you are required to pay towards your debts is based on your income minus your necessary expenses, such as rent or a mortgage payment, utilities, transportation, food, and medical care. Essentially, you will pay all of your disposable income toward your liabilities.

What is the average Chapter 13 monthly payment?

about $500 to $600 per monthThe average payment for a Chapter 13 case overall is probably about $500 to $600 per month. This information, however, may not be very helpful for your particular situation. It takes into account a large number of low payment amounts where low income debtors are paying very little back.May 16, 2018

Will my credit score go up after Chapter 13 discharge?

Your credit score after a Chapter 13 Bankruptcy discharge will vary. Your new score will depend on how good or bad your credit score was prior to the filing of the Chapter 13 Bankruptcy. For most individuals, you can expect to see quite a dip in your overall credit score.

What happens to your bank account when you file Chapter 13?

While non-exempt bank account funds are not turned over to the trustee under Chapter 13, the debtor must pay a sum equal to the funds over the exemption amount during the life of the plan. These payments will be distributed among the debtor's various creditors.

What are the negatives of filing Chapter 13?

Although a Chapter 13 bankruptcy stays on your record for years, missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit and may be more complicated to explain to a future lender than bankruptcy.Apr 2, 2021

Why do Chapter 13 bankruptcies fail?

The court reviews your assets and income when deciding whether to approve your plan, and the plans don't leave a lot of room for luxuries. Chapter 13 cases require a lot of motivation to carry through three to five years of voluntary austerity, but that's just one reason they fail.

Does trustee check your bank account?

Please be aware that your trustee does not have access to your personal account. A separate account is opened to manage your bankrupt estate.

Can I go on vacation while in Chapter 13?

Can you go on vacation during Chapter 13? The simple answer is yes. You will not be prevented from booking and enjoying a domestic or international vacation if you are able to pay for your vacation in full.Oct 16, 2021

Does Chapter 13 take bonus checks?

The Chapter 13 trustee may take part or all of your bonus. Tell your Chapter 13 bankruptcy lawyer about periodic and yearly bonuses that you regularly receive from your employer. Your attorney factors these amounts into your Chapter 13 plan payment.Nov 2, 2021

Why do attorneys prepare tax returns?

Attorneys use your returns to obtain financial information needed about past income and expenses. If a tax return is coming due or has been extended, your attorney will probably ask you to prepare your return before they file your case for you.

What is pending and potential lawsuits?

Pending and potential lawsuits or claims (including but not limited to social security, lawsuits, workman’s comp, class actions, accidents, insurance losses or any other cause of action you might have); Information on any judgments against you; Any other document that you think your attorney might need to see.

What to do if you don't have a bill?

If you don’t have a bill and no longer receive one, you may need to contact the company yourself to get the mailing address, account number, and balance due on all of your debts.

How far back do you need to go for a bank statement?

Local customs as well as your circumstances will ultimately control how far back you need to go for banking and investment accounts, but typically you will need 3-12 months in a simple case;

What to do if you don't receive pay stubs?

If you don’t receive traditional pay stubs, then you will need to talk to your attorney to determine what information you can use to provide pay information in your case. Your attorney will probably need all of your business records for a year or two showing gross income and all expenses.

Do you have to leave out debts?

You will need to provide information on all of your debts, and you should not leave any debts out. Mortgages, car loans, personal loans, credit cards and medical bills need to be set out, as do loans from friends and family, domestic and child support, restitution, fines, association dues, and any other amount you may owe.

Do both bankruptcy petitions require the same information?

Both types of bankruptcy petitions require virtually the same information, so even if you don’t know which type you are filing, the basic set of documents you will need to put together is the same.

How does bankruptcy affect your life?

It could also have a major impact on your daily life. Filing for bankruptcy can affect your credit and property.

What is pending litigation?

Any legal history or pending litigation involving you is information you'll want to disclose to your attorney. Previous judgments against you show debts that will factor into determining which bankruptcy is right according to your financial situation. In addition, any pending litigation or current court order will determine how much you can afford to pay your creditors at this time.

What documents are needed for Chapter 7 bankruptcy?

There are a number of documents you need before filing for a Chapter 7 bankruptcy. Although the specific documents may vary depending on your type of case and the district you file, you will at least need to gather the following before filing your petition: 1 Your tax returns 2 Pay stubs 3 Appraisals of your home, jewelry, and other exempt assets 4 Your car titles 5 Evidence of child support/alimony obligations 6 Bank statements 7 Proof that you took credit counseling

Why is it important to organize your assets?

A proper, thorough organization of your assets is extremely important to show you have a set income level. This income determination can be essential in proving you can repay your debts over a period of time or in proving a lack of income. Canceled checks for any expense you cannot otherwise document.

What are the first documents you should collect?

Financial Records. Your financial records are some of the first documents you should collect. These records will help determine which type of bankruptcy is best suited for you. For example, if your financial documents show you have a regular income, your best fit may be Chapter 13 bankruptcy.

What is an unsecured debt?

Unsecured debts are those that are not secured by a specific piece of property. Credit cards, store cards, and other debts are considered unsecured. While you will usually have to pay all of your secured debts, you may not have to pay all of your unsecured debts. You will have to use all of your disposable income to pay these debts, but the amount of income you have that is considered disposable will vary. Your secured debts get paid first, and unsecured creditors get anything left over.

What happens if you can't pay your mortgage?

The foreclosure process varies by state. If you are unable to pay your mortgage payments and fall behind, your lender can begin the foreclosure process. Eventually, your home would be sold at auction to recover the lender's costs.

How long does bankruptcy stay on credit report?

Your credit already took a big hit when you fell behind, and Chapter 13 bankruptcy will remain on your credit report for 10 years . This can impact your ability to get new credit or secure new loans. Making payments on time will help, particularly as time passes.

What happens to your car when you file for bankruptcy?

What happens to your car or truck when you file for bankruptcy? You should be able to keep your vehicles; the exception would be a car with an extremely high payment that you just cannot afford. Chapter 13 allows you to “catch up” on payments for your vehicle, just as it does for your home. Your car expenses must be in line with your income and be reasonable; a luxury car may not be considered a necessity and you may not be able to claim that expense as a needed cost on your plan. You will not have to give up the car, but some of that luxury cost could be considered disposable income.

Why do people file Chapter 13 bankruptcy?

Chapter 13 bankruptcy is often used to save the family home in a time of crisis. High late fees and interest payments mean that mortgage payments can add up fast and homeowners can rapidly fall behind and risk foreclosure after a single missed payment. Chapter 13 is structured in a way that allows you to pay those late, unpaid payments over time instead of in a lump sum as demanded by your lender.

Does bankruptcy discharge tax debt?

Bankruptcy will not discharge your tax debts; you will continue to pay them as part of your Chapter 13 plan. Some taxes are given higher priorities than others, but all need to be paid back. Tax liens, property taxes, and other taxes will all need to be paid as part of your bankruptcy plan. Since bankruptcy will not alleviate your tax debt, you should only file if you have other unsecured debts that can be eliminated by the process.

Can student loans be wiped out in bankruptcy?

Your student loans will not be wiped out by bankruptcy; these federal debts are considered non-dischargeable. Your student loans will be paid back as part of your bankruptcy plan. If you have fallen behind, Chapter 13 bankruptcy allows you to catch up. You will still need to make student loan payments when your bankruptcy ends if there is still a remaining balance after you have completed the process.

Why is bankruptcy considered the most document intensive?

This is because whether a bankruptcy is recognized by the courts is based on the value of the debtors assets compared to the amount of debt owed to other creditors.

Why is it important to have a bankruptcy attorney?

Because filing for bankruptcy is a complex legal claim, finding the right bank ruptcy attorney is important. A bankruptcy attorney will help you decide whether or not to file for bankruptcy, and what type of bankruptcy you should file. Additionally, if you decide to file, an attorney can help ensure that your property is protected, ...

What to do if you can't find a bankruptcy document?

If you can’t find a document that you think you need for your bankruptcy or if you forgot to bring a document to a meeting with your lawyer, you should tell your attorney as soon as possible, so that they can take note and take the appropriate action to help you.

How long does it take to file for bankruptcy?

In total, most bankruptcies take around 4 to 6 months.

What is the most important thing to do when filing for bankruptcy?

The last point is especially important. For the most effective bankruptcy filing, it is crucial that you are completely transparent with your attorney. Make sure you take note of any questions, legal inquiries, or laws that you may wish to address with your attorney.

Why do people declare bankruptcy?

Declaring bankruptcy gives individuals or businesses that are unable to pay their debts a better way to solve their financial problems. It can also help them start rebuilding their credit and lives in a more positive and financially stable way.

What happens when you file for bankruptcy?

That way, when you complete your bankruptcy, you will be on the right path to financial recovery.

What is a co-debtor stay in Chapter 13?

This provision, called the co-debtor stay may protect people who co-signed debts with you.

What are the advantages of Chapter 13?

Another advantage of chapter 13 is that it allows you the ability to restructure secured debts (other than a mortgage for your primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments.

How long does it take to pay off Chapter 13?

In a Chapter 13, you will propose a plan to repay your creditors in installments over a three to five year time-frame . Usually, you are only required to pay a small portion of your debts.

What is the benefit of Chapter 13 bankruptcy?

Another advantage of chapter 13 is that it allows you the ability to restructure secured debts ...

Can creditors contact you under Chapter 13?

You will have no direct contact with you creditors while under chapter 13 protection. Once your plan payments are completed, you will receive a discharge, and your creditors will be forever barred from collecting the discharged debts.

What happens if you don't make your repayment plan?

Through the repayment plan you will have to pay, a set amount of money every month to the trustee. If you will not make the payments on time, your case may be dismissed by the court. That’s why you must devise an affordable repayment plan only.

What to do if you lose your job during the repayment period?

If you lose your job during the repayment period, you can file a petition for a hardship discharge or a modification with the bankruptcy court. A cram down can be used in this bankruptcy to legally decrease the balance owed on a secured loan with respect to the real value of the collateral.

How does bankruptcy work under Chapter 13?

When you file for bankruptcy under chapter 13, the debts are paid off through a repayment plan which is generally administered by a trustee appointed by the court . These debts need to be paid either in full or part (only in case where a discount is permitted). When you file for bankruptcy under chapter 13 ...

What debts must be repaid under the protection of the repayment plan?

Medical debts must be repaid under the protection of the repayment plan. • Car Lease. The fate of your car lease in a Chapter 13 bankruptcy lies in the hands of the trustee (He can accept or reject it) and also whether you are falling back on your payments or not. • Priority, Secured and Unsecured Debts.

Is Chapter 7 bankruptcy better than Chapter 13?

This is possible only when the value of the property is less than the amount owed on the secured loan. Chapter 7 bankruptcy is usually a better option for small business owners. But in certain circumstances, Chapter 13 is more beneficial. Absolutely amazing experience!!

What does a bankruptcy trustee do when a debtor loses financial paperwork?

When a bankruptcy debtor (filer) loses financial paperwork in a natural disaster, the bankruptcy trustee must: avoid taking action against a debtor who can't produce documents. grant reasonable requests to ease filing requirements, and. take into account a decrease in income or increase in expenses.

What information do you need to file for bankruptcy?

What Information Do You Need to Complete the Bankruptcy Forms? Most of the information you'll need to fill out your bankruptcy paperwork will be in those documents, including asset value and income information. For example, you'll use the income documentation to calculate your average monthly income.

How long do you have to file a chapter 7 tax return?

You'll usually need to provide copies of your tax returns or tax transcripts for the last two years in a Chapter 7 case, and four years in a Chapter 13 matter. If you have unfiled returns because you weren't required to file—for instance, your only income source was nontaxable disability benefits —you'll need to explain why.

How to get a credit report for bankruptcy?

Start by finding loan statements or bills so that you can list each of your creditors in the bankruptcy. Alternatively, you can obtain a credit report that shows all your debts; however, be aware that you're required to list the creditor's billing address, and that address rarely shows up on your credit report.

Can you file for bankruptcy after a natural disaster?

But not only are jobs and property lost, but the paperwork required to file for bankruptcy can end up missing, too. Fortunately, provisions are made for such emergencies. When a bankruptcy debtor (filer) loses financial paperwork in a natural disaster, the bankruptcy trustee must:

Can a trustee attend a 341 meeting?

Additional accommodations are required as well. For instance, the trustee must allow a debtor to use alternative means of attending the 341 meeting of creditors (perhaps by phone). For more information, read DOJ Reissues Policy Easing Bankruptcy Guidelines for Debtors Affected by Natural Disasters.

Do you have to give consent to a lawyer to text you?

You are not required to provide consent as a condition of service. Attorneys have the option, but are not required, to send text messages to you. You will receive up to 2 messages per week from Martindale-Nolo. Frequency from attorney may vary.

How long does it take to get money from Chapter 13?

A Chapter 13 bankruptcy allows a debtor (the person who files the case) to pay past due debts through a three- to five-year repayment plan. However, if a tenant owes you back rent and files a Chapter 13 case, you won’t have to wait years to get your money. The waiting period will depend on whether a lease is still in force, ...

What happens if a lease is not expired?

If the lease hasn’t expired, the trustee has the right to assume it (take it over) or reject it. The trustee must make that decision by the time the court formally approves ( confirms) the plan. Most debtors will include the owed amount in their plan to be paid...over the three- to five-year period.

What happens if a Chapter 13 trustee rejects a lease?

Chapter 13 trustees rarely have an interest in a debtor’s residential lease and will routinely reject the lease. Once its rejected, the debtor has the option to make the same choice. If the debtor chooses to reject it, the lease is terminated. If the lease gets rejected.

How long does it take for a debtor to pay creditors?

Most debtors will include the owed amount in their plan to be paid along with the other creditors over the three- to five-year period. You can challenge that payment schedule by filing an objection to the plan and arguing that “promptly”—as used in the bankruptcy code—means something less than the term of the plan.

Can you evict a tenant after bankruptcy?

You didn’t receive an eviction judgment before the bankruptcy. If you want to evict after the tenant files a Chapter 13 case, your first stop is the bankruptcy court to ask the judge to lift the automatic stay.

Can you evict a tenant who filed Chapter 13?

Then, you receive a notice from the court that the tenant filed a Chapter 13 case. Your eviction suit isn’t necessarily dead in the water. If you received a judgment for possession before the tenant filed the bankruptcy case, in most states, you could move forward with the eviction because the automatic stay won’t apply.

Can a tenant file for money default?

There is an exception, however. A few states grant the tenant the right to cure a money default even after the court issues the judgment for possession. To claim that right, the tenant must file a certification and deposit with the bankruptcy court the rent that will come due in those first 30 days of the bankruptcy.

Financial Records

• Your financial records are some of the first documents you should collect. These records will help determine which type of bankruptcy is best suited for you. For example, if your financial documents show you have a regular income, your best fit may be Chapter 13 bankruptcy. This may have significant implications because Chapter 13 will allow you to...

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Legal Records

Additional Documents

Documents Needed to File Chapter 7