Most Consumer Assets Are Protected in Bankruptcy – Talk to Your Attorney For Details

Several stages exist in a chapter 7 or chapter 13 consumer bankruptcy.  Some of the stages include preparation, filing the petition, creditor meeting, and ultimately the discharge of consumer debt in bankruptcy for the completion. You will also discover that the bankruptcy is essentially all complete for all intensive purposes on the day which you file the Chapter 7 bankruptcy with our office.

Initially, your attorney should painstakingly go over the details of your case in order to prepare your bankruptcy petition according to information which has been supplied by you and which has been double checked in some cases and verified by the support staff.   This work requires a fair amount of legal experience and expertise, as well as documentation that is to be provided by yourself–the client.  this part of the process takes several hours in paperwork assembling and compiling by the client, the lawyer, as well as the support staff in the office. Bankruptcy paralegals are very paramount in this part of the process in making sure that the information from your bills, credit reports, and the paperwork worksheet that you have filled out gets properly input into the system to be entered in your petition.

Typically, an extensive worksheet will be completed with records provided to supplement that, as well as carefully compiled and reviewed paperwork that comes from the paralegals and the lawyer. If you have an urgent situation such as to stop foreclosure, it is important that you quickly complete this paperwork while under the guidance of the foreclosure law firm.

Some of the required documents include providing the previous two years tax returns, last six months pay stubs, as well as additional documentation from income other than wages, which are input into bankruptcy preparation software to prepare the petition.

This document, which is called the bankruptcy petition will document and describe each asset that belongs to the debtor, along with each of the debtor’s financial responsibilities. Anything with a balance must be included as a debt and each asset that the debtor possesses must be included as well.