PREPARING FOR BANKRUPTCY

PREPARING FOR BANKRUPTCY

Filing bankruptcy requires the completion and filing of bankruptcy schedules and other documents identifying the debtor's assets, liabilities, income, expenses, and other information.

Filing bankruptcy requires the completion and filing of bankruptcy schedules and other documents identifying the debtor's assets, liabilities, income, expenses, and other information. Schedules are signed under oath and penalty of perjury. When preparing to file bankruptcy, debtors need to obtain account information for all debt obligations, including name of creditor, address, account number, balance owed, date debt was incurred, and nature of debt obligation.

Reviewing recent credit report would be helpful to ensure no information is omitted. Schedules also ask for information such as recent garnishments, repossessions, lawsuits, income for the last 3 years, and require that debtors provide a detailing listing of certain payments made to creditors within the 90 days prior to the bankruptcy filing. Debtors will also be required to accurately list assets including all real and personal property owned by the debtor.

In addition, consumer Debtors are required to take a credit counseling course prior to filing and a financial management course after the filing. These courses can be taken online or over the phone and generally cost between $25 to $50. Debtors will also be required to provide two years of most recent tax returns and must have a valid ID and a copy of their social security card. Schedules must be filed within 7 days of the bankruptcy filing or the case may get dismissed.

 

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Scott Tibbedeaux

5665 North Pershing Ave Ste B7

Stockton, CA 95202

209.932.9785