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Summary of steps:
- Pass the “Means Test”
- Take the required credit counseling class
- List your assets
- List your debts
- Produce documents past six months of bank statements
- Past 60 days of pay check stubs
- Past two years of federal tax returns
If we believe a bankruptcy filing is the best option for you, the first step is to determine if you qualify. You must pass the initial "Means Test".
Credit Card Company or Bank Lawsuits.
Preparing for Bankruptcy
The Means Test
When the United States Congress passed the new bankruptcy law in 2005, they instituted the "means test". This test measures your gross income versus what Congress determines to be valid expenses. The means test can be complicated and we can help determine if you pass this test at our initial consultation.
Credit Counseling
List all of your assets and all of your debts
All persons seeking bankruptcy relief must now take a credit counseling course prior to filing. This is usually just a 20 minute session with an independent third party counseling service. The goal of the service is to determine if there is a solution other than bankruptcy. The vast majority of the time, the counseling service will not be able to come up with a viable repayment plan and bankruptcy will be suggested. This course can now be taken online and we will help you find a credit counseling agency.
When you file for bankruptcy relief, you must list ALL of your assets even though you will most likely be able to keep everything that you currently have. All debts must be listed as well. If you decide to file for Bankruptcy relief, we will help you obtain a credit report to help ensure that all debts are listed.
Production of Documents
You will be required to turn over a myriad of documents to the bankruptcy trustee to prove that you do not have any assets or have the means to pay off a certain percentage of your debts. These documents include but are not limited to:
- The past six months of bank statements for all of your bank accounts.
- The past 60 days of pay advices (pay check stubs).
- Federal tax return for the past two years.
The Filing of the Bankruptcy Petition
When your bankruptcy petition is filed, your creditors will be notified by us and they will be required to cease all collection activities.
The firm can not and does not guarantee any specific outcome. The firm will deligently and aggressively pursue the dismissal of your case. If we can not get your case dismissed with prejudice we will attempt to aggressively negotiate a reduced settlement on your behalf.
(The information listed below is for informational purposes only and is not to be considered legal advice. The information relates to Bankruptcy filings in general).
30 to 50 days after your case is filed, you will be required to attend a creditors meeting. This is a short meeting that you will have at the court house with a representative from the trustee's office. We will be there as well. You will be placed under oath and testify as to the accuracy of the information you filed with the bankruptcy court. Most meetings are over in 5 to 10 minutes depending on your case and usually no creditors show up.
Whether you are filing a Chapter 7, 13 or 11 will determine what, if any, additional documents and steps may be necessary to properly prepare your petition.
The Creditor Meeting