what personal information will i need from attorney to file chapter 7 bankruptcy

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.

Full Answer

What do I need to know before filing for Chapter 7 bankruptcy?

When you fill out your bankruptcy paperwork, you'll be asked to disclose information regarding your financial affairs, such as your income and expenses, assets and debts, and property transfers. Also, you'll need to provide certain documents to the bankruptcy trustee to prove the accuracy of the information provided.

How much debt do I need to file bankruptcy?

A Bankruptcy Lawyer Will Explain Which Debts You Can Erase. You don't need a certain amount of debt to file for Chapter 7. But filing for bankruptcy will negatively affect your credit score for up to ten years, and you're only entitled to a Chapter 7 discharge once every eight years. Because many people can repay $10,000 or less using other ...

Can I file Chapter 7 bankruptcy without a lawyer?

Apr 09, 2013 · a certificate from the attorney or bankruptcy petition preparer (if there is one) indicating that you received a notice describing the different bankruptcy chapters and the services available from the credit counseling agencies as well as a statement specifying that anyone who knowingly or fraudulently conceals assets or makes a false statement …

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

May 20, 2020 · Although Chapter 7 is a liquidation bankruptcy, filers are able to keep all their property in more than 90% of all consumer bankruptcy cases in the United States. You can file bankruptcy under Chapter 7 once every 8 years. Let's Summarize... Filing for bankruptcy takes some preparation. Hiring a good bankruptcy attorney is one way to file. But ...

How do I prepare for Chapter 7?

The first step to prepare for bankruptcy is to gather proof of your income. Copies of your tax returns and copies of proof of income for the past six months are required when you file a Chapter 7 case. To prepare for bankruptcy under Chapter 7, you must complete the Chapter 7 Means Test.Sep 3, 2020

Do you have to have assets to file bankruptcy?

Can You File For Bankruptcy With No Assets? Yes, you can still liquidate assets in Chapter 7 Bankruptcy even if you don't have a lot of assets or property. Your bankruptcy trustee will have to declare a no-asset bankruptcy and those creditors cannot make claims on your property or assets to pay your debts.Aug 5, 2016

What is the means test for Chapter 7?

The bankruptcy means test determines who can file for debt erasure through Chapter 7 bankruptcy. It takes into account your income, expenses and family size to determine whether you have enough disposable income to repay your debts.

What can you not do after filing Chapter 7?

After you file for bankruptcy protection, your creditors can't call you, or try to collect payment from you for medical bills, credit card debts, personal loans, unsecured debts, or other types of debt. Wage garnishments must also stop immediately after filing for personal bankruptcy.Oct 2, 2021

What happens to your bank account when you file Chapter 7?

In most Chapter 7 bankruptcy cases, nothing happens to the filer's bank account. As long as the money in your account is protected by an exemption, your bankruptcy filing won't affect it.Mar 21, 2022

What are considered assets when filing bankruptcy?

Everything you own or have an interest in is considered an asset in your Chapter 7 bankruptcy. In other words, all your belongings are “assets” even if they're not really worth much.Oct 16, 2020

Is Social Security included in Chapter 7 means test?

Qualifying for Chapter 7 if You Have Social Security Income Since Social Security benefits are considered an “asset” and not “income” for bankruptcy purposes, Social Security funds do not count on the means test. It does not matter what type of Social Security income you receive.

Is credit card debt discharged in Chapter 7?

Credit Card Debt in Chapter 7 Bankruptcy Chapter 7 bankruptcy will discharge (wipe out) most or all unsecured, nonpriority debt. Medical bills, personal loans, and most credit card debt are typical examples of unsecured, nonpriority debt you can wipe out in bankruptcy.

Will I lose my car in Chapter 7?

If you file for Chapter 7 bankruptcy and local bankruptcy laws allow you to exempt all of the equity you have in your car, you can keep the vehicle—as long as you're current on your loan payments. And if the market value of a vehicle you own outright is less than the exemption amount, you're in the clear.Aug 27, 2020

What assets can you keep in Chapter 7?

Bankruptcy Exemptions: What Property Can you Keep In Chapter 7 Bankruptcy?Houses, Cars, and Property Encumbered By a Secured Loan. ... Household Goods and Clothing. ... Retirement Accounts. ... Money, Jewelry, and Other Property.

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 creditors collect after Chapter 7 is filed?

Once you file for bankruptcy, an automatic stay goes into effect. An automatic stay specifically states that creditors cannot contact you to collect debts after you've filed for bankruptcy. It protects you from harassing phone calls, emails, and letters.Feb 20, 2020

What Documents Do You Need to File For Bankruptcy?

The documents you’ll need are the same whether you are filing a Chapter 7 bankruptcy or Chapter 13 matter, with slight variations. However, for exa...

Retirement and Bank Accounts

Recent bank and retirement account statements must be provided to the bankruptcy trustee for all accounts.IdentificationWhen you go to your hearing...

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....

Credit Counseling Requirement

In addition to the documents above, the law requires that you complete a credit counseling class and obtain a certificate before you can file for b...

What happens if you file Chapter 7 bankruptcy?

Chapter 7 is a "liquidation" bankruptcy, so one of the most significant filing risks involves losing property. The bankruptcy trustee will sell anything you can't protect with a bankruptcy exemption. Exemptions vary depending on where you live because your state decides what you can protect.

What is Chapter 7 bankruptcy?

Chapter 7 does a great job of wiping out qualifying debts like credit card balances, medical and utility bills, unpaid rent and lease payments, personal loans, and more. But some types of problems require quick action, legal knowledge, and experience. Consider talking to a lawyer as soon as possible if:

How old can you discharge tax debt?

You can discharge tax debt older than three years if it meets other qualification requirements. DUI and fraud-related debts aren't dischargeable if a creditor objects. Marital property settlement obligations and tax debt paid with a credit card aren't dischargeable in Chapter 7 but are in Chapter 13.

How long does it take to get discharged from Chapter 7?

But filing for bankruptcy will negatively affect your credit score for up to ten years, and you're only entitled to a Chapter 7 discharge once every eight years. Because many people can repay $10,000 or less using other means, you'll want to tally up the amount you'd be able ...

Can you erase debts in bankruptcy?

Some debts, called "nondischargeable debts," can't be wiped out in bankruptcy—and nondischargeable debt rules get confusing quickly. Here are some examples. You can't erase spousal or child support arrearages in bankruptcy—you'd remain responsible for them after the case.

Can you file a Chapter 13 lawsuit without a lawyer?

you're involved in a lawsuit. Not only do these problems involve tight filing deadlines, but some issues can only be solved in Chapter 13—a chapter that's too complicated for most people to file without a lawyer. For instance, only Chapter 13 can save your home from foreclosure.

Can you deduct support after bankruptcy?

Most paycheck deductions stop after a bankruptcy filing. Court-ordered support payments won’t be affected, however. A bankruptcy filing will delay the eviction process temporarily if the court hasn’t already issued a judgment allowing the landlord to proceed.

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy is a very effective tool for erasing credit card debt, medical debts, and most other unsecured debt. Although Chapter 7 is a liquidation bankruptcy, filers are able to keep all their property in more than 90% of all consumer bankruptcy cases in the United States.

How many pages are there in bankruptcy?

The bankruptcy forms include at least 23 separate forms, totaling roughly 70 pages . The bankruptcy forms ask you about everything you make, spend, own, and owe. You’ll also include some bankruptcy basics, like what type of bankruptcy you’re filing under and whether a bankruptcy lawyer is helping you.

When is a 341 meeting?

Your 341 meeting, or meeting of creditors, will take place about a month after your bankruptcy case is filed. You’ll find the date, time, and location of your 341 meeting on the notice you’ll get from the court a few days after filing bankruptcy. Due to the COVID-19 pandemic, all 341 meetings are held either by video conference or via telephone until at least October.

What happens if you own a car that you still owe?

If you own a car that you still owe on, you’ll have to let the bank and the court know what you want to do with it one one of your bankruptcy forms.

How much does it cost to file for bankruptcy?

The federal court charges a filing fee of $338 for a Chapter 7 bankruptcy. This amount is typically due when the bankruptcy petition is filed with the court. If you don’t have the funds to pay the filing fee now, you apply to pay your fee in installments, after your case has been filed.

How long do you have to take credit counseling before filing for bankruptcy?

Take Credit Counseling. Every person who files for bankruptcy has to take a credit counseling course in the 6 months before their bankruptcy petition is filed with the court. This is a requirement in both Chapter 7 and Chapter 13 cases.

How many monthly payments can you make in bankruptcy?

You can ask to make up to 4 monthly payments. If paying in installments isn’t even possible, you can submit another form to apply for a fee waiver. To qualify, your total household income must be under 150% of the federal poverty line. The court will decide whether bankruptcy laws support granting you a waiver.

How long is a Chapter 7 bankruptcy petition?

Filing bankruptcy is a very document intensive process. This shouldn’t be a surprise, as the petition the filer submits to the bankruptcy court can be up to 100 pages long. Since preparing for a Chapter 7 bankruptcy can be stressful, scary, and confusing, it can be helpful to use checklists to keep yourself on track.

How long before filing Chapter 7 bankruptcy do you have to get pay stubs?

Go back at least 60 days before you file your Chapter 7 bankruptcy petition, 6-7 months is preferable. If you weren’t employed, you don’t need pay stubs. But if you had more than one employer, be sure to get pay stubs from each employer.

What is Upsolve for bankruptcy?

Upsolve is a nonprofit tool that helps you file bankruptcy for free. Think TurboTax for bankruptcy. Get free education, customer support, and community. Featured in Forbes 4x and funded by institutions like Harvard University so we'll never ask you for a credit card. Explore our free tool

How long does it take to get credit counseling after filing bankruptcy?

You’ll need two credit counseling courses when you file bankruptcy. Both must be through a provider approved by the U.S. Trustee’s office. Chapter 7 and Chapter 13 bankruptcy laws require you to take a credit counseling course within 180 days (6 months) before filing a bankruptcy petition. You’ll get a credit counseling certificate that expires in 180 days, and it must be filed within 14 days of filing your bankruptcy petition.

What happens if you make too much money in bankruptcy?

If you make too much, you might have to file for Chapter 13 bankruptcy and complete a repayment plan before getting your discharge. Profit and loss statements: If you have a business or farm, produce profit and loss statements from the past year, gross receipts, and proof of necessary business expenses.

What is the difference between bankruptcy and bankruptcy?

Bankruptcy forms are documents with spaces to be filled in with your information. Think of them as a “skeleton” for the legal process of bankruptcy. Bankruptcy documents are sources of information and used as evidence to help fill in the forms.

What is a bankruptcy document?

Bankruptcy documents are sources of information and used as evidence to help fill in the forms. Chapter 7 bankruptcy forms are required by law to be used for your Chapter 7 bankruptcy case. You can find all the forms and instructions for free on the United States Courts ’ website. Keep on reading for a simple Chapter 7 document checklist.

How long does it take to file Chapter 7 bankruptcy?

Chapter 7 bankruptcy is most filers' first choice. It wipes out qualifying debt without creditor repayment. It's also quick, taking about four months to complete. And if you're an individual, you don't lose everything—you can keep the property you need to work and live.

Who checks out bankruptcy filings?

Don't assume that what you say in your paperwork will be accepted at face value. The court will assign a professional called the bankruptcy trustee to check out your filing thoroughly.

What happens to non-exempt property in Chapter 7?

The chapter will determine what will happen to your nonexempt property, however. In Chapter 7, you'll lose nonexempt property —it will be sold for the benefit of your creditors. In Chapter 13, you'll keep all of your property—but you'll pay its value to your creditors through the Chapter 13 repayment plan.

What is Quinn's case?

Quinn's Case: Quinn financed her studies at graphic design school but couldn't find a job after graduation. She owes $45,000 in student loans, $20,000 in credit card debt, and $3,000 in suspended license fees. The $2,000 credit balances are dischargeable in bankruptcy, but the suspended license fees and student loans are not. However, if Quinn files a bankruptcy trial called an "adversary proceeding" and proves that it's not feasible for her to pay off her student loans, she could receive a discharge (this isn't cheap or easy to do).

How does bankruptcy help?

It helps by unwinding the contract between you and your creditor. Without a contract, you have no obligation to pay the debt—you get a fresh financial start. As powerful as bankruptcy is, it won't solve every financial problem, so it's crucial to learn what bankruptcy can and cannot do.

What can you protect after bankruptcy?

Even so, you'll likely be able to protect some equity in a home and car, household furnishings, a retirement account, and more.

What are the Chapters of Reorganization Bankruptcy?

Reorganization Bankruptcy Chapters 9, 11, 12, and 13. Individuals and businesses who have extra income to pay debts—but not enough to cover current expenses—use "reorganization" bankruptcy chapters. The debtor, creditors, and the court agree on a plan that redistributes the debtor's income among the creditors.

How long before filing bankruptcy can you file for Chapter 7?

If your average gross income during the six months before you file is more than the median income for a family of your size in your state, you qualify. If not, you'll subtract allowed expenses from your income to determine whether you'll be allowed to use Chapter 7 bankruptcy.

What happens when you file for bankruptcy?

When you filed your bankruptcy forms, you'll complete a form in which you stated how you intend to handle your secured debts. Before your case is closed, you'll need to act on these matters. For instance, if you indicated that you'd return a car, you'll want to be sure to make it available to the lender. (For more information, see What Is a Secured Debt?)

How to keep property in bankruptcy?

If you pledged property as collateral for a loan, you'll need to continue to pay the creditor if you want to keep the property. When you file for bankruptcy, you'll be asked to decide whether you want to "redeem" the property (pay the creditor the current replacement value of the property in a lump sum), "reaffirm" the debt (agree to continue paying per the contract with the creditor—usually under the same terms), or "surrender" the property (let the creditor take it). Depending on where you live, there might be other options as well (some lenders let debtors keep the property as long as they remain current on the loan). (Learn more about your options for secured debts in Chapter 7 bankruptcy .)

How often do you have to go to court for bankruptcy?

In most cases, you'll need to go to court only once for a short meeting with the trustee (and perhaps a creditor or two, although it's unusual for creditors to appear). The bankruptcy trustee appointed to your case will check your identification, and ask standard questions required of all debtors, as well as specific questions about the information in your forms. (To learn more see, The Meeting of Creditors in Chapter 7 Bankruptcy .)

What to do if you dispute a lien in bankruptcy?

If you dispute a creditor's claim against you or you want to eliminate certain liens, you'll need to address these matters before your bankruptcy case is closed (if you forget to handle a lien, most courts will allow you to reopen the case at a later date). 12. Wind up your secured debts.

How long does it take to file bankruptcy?

You must file the remaining forms within 14 days.

How many pages do you need to file a secured debt?

You'll complete a few dozen pages of forms, in which you tell the court about all of your property, debts, income, expenses, and prior transactions. You'll list the names of all your creditors, property, and income, list your property exemptions, and decide what you want to do about each of your secured debts.

How to file for bankruptcy yourself?

Here are the general steps you will have to take to file for Chapter 7 bankruptcy yourself: 1. Determine Eligibility. The law establishes limits on wealth, income and property for Chapter 7 bankruptcy. You will have to provide a full disclosure of your income, assets and debts for the court to evaluate before you can file for Chapter 7.

What happens when you file Chapter 7?

Filing a Chapter 7 petition automatically stays any action by creditors, meaning they’re unable to continue calling you for payments or go forth with any lawsuits or wage garnishments.

What is a 341 meeting?

The trustee might try to work out a voluntary solution with creditors in order to avoid further Chapter 7 action. The creditors’ meeting, also known as a 341 meeting, is where the trustee will ask you questions under oath about your financial situation.

How much does it cost to file for bankruptcy?

Filing a petition costs $335, unless you apply to have the filing fee waived. The U.S Bankruptcy Court will appoint a trustee to oversee your Chapter 7 bankruptcy. The trustee will sell your “nonexempt” property and use the proceeds to partially pay back your creditors.

What is the pre filing hurdle?

Another pre-filing hurdle requires you to receive credit counseling from an accredited source. You will also have to enroll in a financial management course to ensure you are educated about handling debt. You must file documents certifying you’ve met these requirements.

How long does it take to get a 341?

After the 341 meeting, you will be presented with a list of requirements to satisfy before your case is closed, which typically takes between four and six months. The court will provide you with a list of requirements that must be met before your case is closed.

Can you foreclose on a house if you miss a car payment?

You keep exempt property, such as your home, car, necessary clothing, pensions and public benefits. Of course, your bank can foreclose your house for mortgage non payment, and your car can be repossessed if you miss car loan payments, as these are not covered by Chapter 7. 6. Attend a Creditors’ Meeting.

Here's a list of the forms you must file in Chapter 7 bankruptcy, and where to find them

Please answer a few questions to help us match you with attorneys in your area.

The Official Bankruptcy Forms

Most, and possibly all, of the forms you'll need to file are called the official bankruptcy forms. These are available online through the website of the U.S. Courts at www.uscourts.gov/forms/bankruptcy-forms.

Local Bankruptcy Forms

Your local bankruptcy court may require you to file a few additional forms. We don't provide a list of those here, since they vary widely. And many local courts don't require any forms other than the official bankruptcy forms. To learn where to find local forms, see How to Get and File the Bankruptcy Forms.

Forms You Need to File in Chapter 7 Bankruptcy

Here's a list of the forms most people need when they file for Chapter 7 bankruptcy. Some of these, however, may not apply to your case. For example, if you are not requested a filing fee waiver, you won't need to fill out Form B 3BA Application for Waiver of Chapter 7 Filing Fee.