What Kind of Supporting Documentation Do I Need to Provide to File Bankruptcy?
According to CARLSBAD BANKRUPTCY ATTORNEY Jeffrey Larkin, when you file a bankruptcy petition, there are certain documents you need to provide so that the Trustee can do his or her due diligence. This involves comparing the information in the bankruptcy with the supporting documents to ensure the information in the petition is correct and complete. If the Trustee’s review of the information reveals any red flags, the debtor will be examined on these issues at the 341 Meeting of Creditors.
Depending on what you own, the following is a non-exhaustive list of routine documents that need to be provided to prepare a case for filing:
Certificate of Credit Counseling (get from www.personalfinanceeducation.com)
CCP 703.140 Waiver (if married and one spouse is not filing)
Real Estate Valuation (comps or appraisal)
Real Estate Payoff (recent mortgage statement showing balance owed on all mortgages/equity lines)
Copies of Recorded Deeds of Trust on Real Estate
Copies of Recorded Grant Deeds (if jointly owned property)
Policy Declaration of Coverage on Real Estate
Loan Advance Documentation (evidence of disbursement if recent refinance or equity loan)
Bank Statements for the 6 Months Prior to Filing and Account Balances on the Date the Petition is Filed.
Retirement/401k/Pension Statements (most recent)
Valuation of Motor Vehicles (www.KBB.com trade in value)
Payoff on Financed Vehicles (10 day payoff or recent statement showing balance owed)
Vehicle Registration
Proof of Insurance on Vehicles (declarations page showing coverage limits)
Copy of Vehicle Purchase Contract for Vehicles Purchased within 120 Days Prior to Filing
Income Verification (6 months pay advices, profit and loss statements or other evidence of income)
Last 2 Years of Tax Returns
Divorce Decree/Marital Settlement Agreement/Domestic Support Order Information
Proof of Insurance on Business (self-employed; liability, workers comp. etc.)
If you need to consult with a CARLSBAD BANKRUPTCY LAWYER, call attorney Jeffrey Larkin today at 1.877.25.NEW.HOPE today.
For more details, Please visit our website: http://www.live-debt-free-now.com
A Carlsbad Bankruptcy Attorney Answers the Question: How Much Property Will I Lose If I File Bankruptcy?
A CARLSBAD BANKRUPTCY ATTORNEY answers the question: How much property will I lose if I file for bankruptcy?
In the vast majority of bankruptcy cases, debtors are able to keep all of their real and personal property. It is the rare exception that property is taken.
Bankruptcy law allows debtors to use certain exemptions to protect property, both real and personal. Most debtors are able to keep the property they own because its value or available equity in the property falls within available exemption limits. The exemptions available to a debtor are determined by a number of factors including what state you live in, and how long you have resided there.
Debtors concerned about losing specific property in a Chapter 7 should consider Chapter 13, which allows individuals to keep property that would otherwise be sold for the benefit creditors in a chapter 7, provided a general rule is adhered to. As long as the debtor contributes to their unsecured creditors, a dollar amount equal to the “non exempt” value of the asset, the law says the debtor can keep the asset. For example, lets assume you have an asset that is worth $10k, and all the available exemptions have been maxed out, such that the $10k asset is non exempt. In a chapter 7 bankruptcy, this asset would be taken by the trustee, sold, and the money used to distribute to your creditors on a pro rata basis. Under chapter 13, however, as long as you pledge an equal $10k to your unsecured creditors over the course of your chapter 13, you can keep the asset. A knowledgeable bankruptcy attorney would be able to tell you what property, if any, is subject to liquidation for the benefit of creditors, before filing, so an informed decision can be made as to how best to proceed in your particular situation.
If you need to consult with a CARLSBAD BANKRUPTCY LAWYER, call the Larkin Law Firm at 1.877.25.NEW.HOPE. Mr. Larkin is also a RIVERSIDE BANKRUPTCY ATTORNEY.
For more details, Please visit our website: http://www.live-debt-free-now.com
Bankruptcy Filings Up Since Last Year
According to USA Today, bankruptcy filings have increased from last year. This comes as no surprise to anyone as the economy remains dire. University of Illinois Law Professor Robert Lawless explained that he believes the increase may be due to people filing for bankruptcy too soon and that bankruptcy should only be used as a last resort.
If you need to consult with an ESCONDIDO BANKRUPTCY ATTORNEY or a CARLSBAD BANKRUPTCY ATTORNEY, call the Larkin Law Firm at 1-877-25-NEW-HOPE today.
For more details, Please visit our website: http://www.live-debt-free-now.com
What Should You Do If Creditors Keep Calling You After You File for Bankruptcy?
I have retained an attorney for bankruptcy protection and have notified my creditors, but they keep calling and harassing me. What should I do?
In a perfect world, creditors would cease all contact with a debtor once they are informed that the debtor has hired representation. Legally speaking, once a creditor has notice that an individual has representation, all communication is supposed to go through the representative. Unfortunately, this is not always the case. Usually upon hiring bankruptcy counsel, cease and desist notices are generated and sent to creditors advising them of the representation, and informing them to cease any and all contact with the represented party. Because most debt collectors are unsophisticated and do not possess sufficient knowledge of the applicable law, they oftentimes claim they are entitled to attempt collection until the bankruptcy case has been filed and there is an actual bankruptcy case number to reference. This is not the case.
If you sent your creditors a cease and desist notice, have indicated that you have hired representation, and they continue to harass you, the best thing you can do is to get as much information as possible. Advise them of your representation and ask the creditor for their name and employee ID number, if any. Write down the date, time, and phone number the call is coming from. It is recommended that this information be kept on a detailed call log sheet. The more detail, the better off you will be. In some of the more egregious cases, lawsuits can be filed against these creditors for their continued harassment. The more information you can gather in support of your claim, the stronger your case will be, and the more likely you will receive monetary compensation as a result.
For a free consultation with a CARLSBAD BANKRUPTCY ATTORNEY, call Jeffrey Larkin of the Larkin Law Firm at 1.877.25.NEW.HOPE. Mr. Larkin is also a RIVERSIDE BANKRUPTCY ATTORNEY.
For more details, Please visit our website: http://www.live-debt-free-now.com
Bankruptcy is Not Your Only Option
I don’t want to file for bankruptcy or am not sure it is the best decision for me. Are there other options available to address my unsecured debt?
Yes, however it is imperative that you discuss the pro’s and con’s of these other options with a qualified consumer attorney before jumping into anything. While there are many ways to address unsecured debt absent a bankruptcy filing, the following 2 options are the most common:
Debt Consolidation: Debt consolidation is a process whereby creditor’s generally agree to reduce interest rates and accept a smaller monthly payment so that all creditors can be dealt with in a single payment. The benefit here is obviously a consolidated debt load and reduced interest. The downside is that in order for this to be an effective tool, all of your creditors must agree to participate or else you could be left having to deal with individual creditors outside the consolidation process. Many of these consolidation companies are extensions of the credit card companies designed to squeeze out of you your last few dollars. It is recommended that anyone seeking the services of a debt consolidator who is not an attorney, ensure that they are a non-profit organization.
Debt Settlement: Debt settlement is a process where each creditor is contacted individually in an attempt to settle the account for less that the full balance. In order to effectively participate in debt settlement, the consumer must have access to lump sums of cash. Whereas in debt consolidation creditors are paid with monthly payments, with debt settlement, the best settlement offers you will receive involve lump sum offers.
While payment plans here maybe an option, they will uniformly require a higher overall percentage of the balance. It is also recommended that your accounts be delinquent before pursuing this option because if money is being paid to the creditor on a monthly basis, the less incentive they will have to settle. Debt settlement may be a better option than bankruptcy in the situation where an individual would lose significant property by filing bankruptcy or if there income is such that filing bankruptcy would force them to pay a higher dividend to creditors than the debt could be settled for. The benefit here is that you are reducing the principal balance of what you owe. The downside is your credit will reflect the account was settled for less than the full balance, which is a derogatory mark on your credit. Also, creditors will issue you a 1099-C at the end of the year for the forgiveness of debt if the amount forgiven is in excess of $600.00.
The debt forgiveness is treated as taxable income requiring that taxes be paid on the forgiven amount. Depending on the amount of debt you reduce, the taxes could be significant. It is recommended that you consult with a professional to determine whether this is a good fit for your current financial situation.
For a free consultation with a CARLSBAD BANKRUPTCY ATTORNEY or a CARLSBAD DEBT RELIEF ATTORNEY, call the Larkin Law Firm today at 1.877.25.NEW.HOPE to explore all of your options. Or, if you need to consult with a RIVERSIDE BANKRUPTCY LAWYER or a RIVERSIDE DEBT RELIEF ATTORNEY, call 1.877.25.NEW.HOPE.
For more details, Please visit our website: http://www.live-debt-free-now.com
German Department Store Files Bankruptcy
Hertie, a German department store, has filed for bankruptcy. It will be closing all of its stores, affecting 2,600 employees. This comes off of the collapse of British financial group Dawnay Day, who purchased part of Hertie in 2005. Hertie was one of the oldest retail stores, which started back in 1882 with its first store in Berlin.
If you need to consult with a RIVERSIDE BANKRUPTCY LAWYER or a RIVERSIDE BANKRUPTCY ATTORNEY, call the Larkin Law Firm at 1.877.25.NEW.HOPE. CARLSBAD BANKRUPTCY ATTORNEY Jeffrey Larkin is available for free consultations.
For more details, Please visit our website: http://www.live-debt-free-now.com
