Chapter 7 Bankruptcy is used when a person can not reasonably afford to pay money to their creditors. Filing bankruptcy creates an estate, which is encompasses all legal or equitable interests of the debtor in property as of the commencement of the case and any interest of the debtor acquired within 180 days due to inheritance, spousal settlement, or as beneficiary of a life insurance policy. The law provides certain exemptions that allow a debtor to keep certain property of the estate and these exemptions vary depending on where the bankruptcy is filed. Property that is not exempt is liquidated and the proceeds used to pay the debtor's creditors. It is important to carefully plan prior to filing a Chapter 7 Bankruptcy to ensure that no property is liquidated that the debtor is not prepared to lose. After the estate is liquidated or the trustee determines that no assets are available to pay creditors, the Bankruptcy Judge will issue a discharge, which is the order declaring that the debtor is no longer responsible for paying debts that are not deemed non-dischargeable.

Information and documents required for your case include:

• Original Social Security Card (You Must Bring this to the 341 meeting)
• Original Driver License or Government Issued ID (Also Required at 341)
• Green Card for non U.S. Citizens
• Bank Statements for 90 days preceding the filing of the chapter 7 bankruptcy.
• 401K, IRA, Annuity Statements for previous 90 days
• Pay advices for 90 days preceding the filing.
• Automobile Title or Registration for all vehicles
• Current Market Value of all vehicles
• Proof of Insurance for all vehicles
• All Lease Agreements
• 3 Yrs of Income Tax Returns
• Copies of Property Deeds
• Proof of Real Property Debt (copy of last bill statement)
• Market Value of all Real Property
• List of all monthly expenses
• List of all assets with identifying descriptions. IE 2004 Ford Mustang
• Life Insurance policies that have cash value
• All legal documents pertaining to divorces or lawsuits which are pending or which have been finalized in the past 24 months
• All Judgments or court orders entered against you or in your favor
• Pre-Filing Educational Course Certificate
• Post-Filing Financial Management Course Certificate

If you are thinking about filing a Chapter 7 Bankruptcy, Contact our attorney.