A San Diego Bankruptcy Attorney Answers the Question: What Documents Do I Need to File Bankruptcy?
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 retain a SAN DIEGO BANKRUPTCY ATTORNEY, call the Larkin Law Firm at 1.877.256.3946. Attorney Jeffrey Larkin is one of the most accomplished SAN DIEGO BANKRUPTCY LAWYERS in the region and will be happy to answer any questions you may have. Don’t hesitate to call SAN DIEGO BANKRUPTCY ATTORNEY Jeffrey Larkin today.
For more details, Please visit our website: http://www.live-debt-free-now.com
A Carlsbad San Diego Bankruptcy Attorney Answers the Question: What is a Bankruptcy Trustee?
A CARLSBAD SAN DIEGO BANKRUPTCY ATTORNEY answers the question: What is a bankruptcy Trustee and what is his/her role in the bankruptcy process?
A bankruptcy Trustee is a court appointed officer. He or she is not a judge. A bankruptcy Trustee is not required to be an attorney, however many are. Those that are not attorneys typically have some kind of financial background. Generally speaking, the role of the Trustee in a Chapter 7 case is to review the bankruptcy schedules to determine whether there is any property available to be liquidated for the benefit of creditors. If there is property available, the Trustee’s job is to quickly and efficiently liquidate the property to create a pool of income for creditors. Once there are assets to liquidate, a notice is sent to all creditors advising them that there will likely be a pro-rata distribution in the case. Creditors are given a certain amount of time to file a “proof of claim” form in which they attach evidence of the debt they are owed. Provided the creditor timely and correctly files the proof of claim, they will be entitled to share in the distribution of money that the liquidated asset generates. If a creditor fails to timely file a proof of claim, they do not get paid in the bankruptcy case and the debt is still eliminated.
For the most part, the role of a Chapter 13 Trustee is different from a Chapter 7 Trustee. While the Chapter 7 Trustee looks for assets to liquidate, it is the rare exception when property is taken and sold in a Chapter 13 proceeding. In Chapter 13, a repayment plan is proposed to repay a certain percentage of the debt owed to creditors. Once approved, the Chapter 13 Trustee’s function is to administer the plan according to its terms. There is a distribution scheme the Trustee follows, and debts such as recent taxes and back child support are given priority over general unsecured creditors like credit cards and medical bills. In Chapter 7, once all non-exempt assets have been liquidated and the money has been paid out, the Trustee’s job is complete and the case is closed. Under Chapter 13, the Trustee’s job is complete once all plan payments have been made and the Trustee has administered all of the funds to creditors according to the plans terms.
If you need to consult with a CARLSBAD SAN DIEGO BANKRUPTCY LAWYER call Jeffrey Larkin at 877.25.NEW.HOPE for a free consultation today.
For more details, Please visit our website: http://www.live-debt-free-now.com
