Completing Bankruptcy Paperwork

27 Jun Completing Bankruptcy Paperwork

Preparing the paperwork to file a bankruptcy is, generally, the next step after you have hired an attorney, met with him to discuss your options, and provided him with all of the information requested.

The initial paperwork for a chapter 7 bankruptcy consists of the petition; the schedules and the statement of financial affairs. Additionally, there are several other documents that must be prepared and filed, including form B22 A, the Means Test, and the Statement of Intentions.

It is this paperwork that will provide the trustee and your creditors with information about your assets and debts. Thus, it is very important that it is complete and truthful.

Normally you will provide your attorney with this information by filing out some forms that he provides you either on-line or from his office. There are also numerous documents you need to provide including pay stubs, tax returns and bank statements.

Once all of the information is gathered, the attorney’s staff will complete an initial draft of the documents for filing and you will have the opportunity to review them, make any necessary corrections, and fill in any gaps.

The attorney will also review the paperwork to make sure there are no obvious concerns, such as a preferential payment or non-exempt equity in property. If there is such a problem, you will, no doubt, get an opportunity to discuss it with the attorney before anything is filed.

Sometimes it takes several revisions to get the paperwork right. This can be because of the necessity to get current market values of vehicles and real property or simply because gathering all of the necessary documents and information takes time.

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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.

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