Bankruptcy – How To File Bankruptcy (Part 3)

05 Mar Bankruptcy – How To File Bankruptcy (Part 3)

Bankruptcy – it’s easy, right? Anyone can do it, right? Read on.

So, intrepid readers, we are still learning how to file for bankruptcy. We’ve gotten just part way through the second page in this, our third installment. After you read this third installment, you’ll almost be done with page 2 of your bankruptcy papers.

Now you need to figure out if you have to attach Exhibits A, B, C, and D. Exhibit A is for publicly traded companies. You’re probably not one of those. Exhibit B is for your lawyer to fill out. Did he or she explain to you about all of the different chapters of the Bankruptcy Code? I’ll bet you that he didn’t say a word about chapter 12 to you. Probably nothing about chapter 11 either. But your lawyer is supposed to explain to you your options under chapters 7, 11, 12 and 13 to you and state that he or she did so. Fat chance. Did you get the 342(b) notice? Do you have a clue as to what that notice is? I’ll give you even odds that you don’t.

Exhibit C is another interesting little land mine. You are asked, “Does the debtor own or have possession of any property that poses or is alleged to pose a threat of imminent and identifiable harm to public health or safety?” Did you notice that one? So do you? Did anyone ask you about that. I’ll bet not.

Exhibit D asks you to state whether you took credit counseling before you filed your case. Better do that or you are not eligible to file your case. You’d be surprised how many people say that they did take credit counseling and didn’t, even though they completed Exhibit D.

Well, that’s all for today. We’re still not done with page 2. Next we’ll figure out if you can properly complete the petition stating that you have the right to file your case where you think you’d like to file it.

Good thing you’re getting an attorney, right?

Click here for part 1 and here for part 2.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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