To claim Bankruptcy an individual files a petition and series of schedules and statements with the Bankruptcy Court in her / his jurisdiction. However, there is a lot that goes into preparing the schedules and statements. While this can seem overwhelming, the attorneys at Bellenot & Boufford LLC have more than 27 years of experience and will make the process easy.
Criteria to file for Bankruptcy
- Does the debtor qualify? If one is at or below the State’s Medium Income for the family size, this satisfies one of the qualifying factors. If the household income exceeds the State’s Medium Income, the debtor will need to prepare the “Means Test”. This will determine if the debtor qualifies to file Chapter 7 Bankruptcy.
- Has the debtor filed bankruptcy in the past 8 years? If yes, then he / she would not be eligible to file Chapter 7 Bankruptcy.
- Does the debtor own her / his residence? If so, a broker’s opinion will be needed to determine the home’s equity and if it can be protected in Bankruptcy.
- Does the debtor own other real estate or personal property, including vehicles, with significant equity?
- Is the debtor a beneficiary of an estate that hasn’t distributed?
- Does the debtor have the right to sue anyone for money damages? This can be at risk to the extent the value exceeds any available exemptions.
- Are the debts the debtor seeks to discharge, dischargeable in Bankruptcy?
There are many other questions that need to be answered to properly prepare a bankruptcy for filing and a good bankruptcy lawyer will help you at every step of the process.
Documents needed to file for bankruptcy
- Tax Returns
- Paystubs or a Profit & Loss Statement
- Bank statements
- Retirement account statements
- Life Insurance statement of cash value
- Mortgage Deeds
- Divorce Decrees
- Broker’s Statements / Appraisals
These are some of the documents that a debtor is required to provide the Trustee.
When the debtor meets with the Trustee he / she will have to bring photo ID and a social security card or other satisfactory proof of her / his social security number. There are cases and circumstances that require many additional items.
There is no need to fear. Bellenot & Boufford LLC will simplify and uncomplicate the process for you. We also explain every step of the process and put your mind at ease. Don’t lose another night’s sleep. Call Bellenot & Boufford LLC today.
Give us a call at 203-304-9050 (877-286-3414 toll free) or contact us online to schedule your free initial phone consultation.
Bankruptcy Lawyers serving Danbury, Connecticut and all of Fairfield and New Haven Counties