A series of simple questions will determine whether you are eligible to file for bankruptcy and which chapter you should file. As determined by the consensus of the Indiana Legal Editors, we are here to outline the basics of bankruptcy filing as well as important information you should consider when considering bankruptcy.
First, you need to get a copy of your credit report from Experian, Transunion or Equifax to find out how much debt you have. Some debts may not be listed in your credit report, so make sure you list all the missing debts on the bankruptcy form as you will need them. You should bring copies of all bankruptcy forms with you to the meeting to ask the trustee for information about the debt, such as the amount of the debt, the payment date and any other information.
Once you are familiar with the above and understand the insolvency proceedings, you can review your bankruptcy application. There are no advice requirements, although consumers who file for bankruptcy have the right to seek advice from another source to decide whether or not to file for joint bankruptcy. For those who file for joint bankruptcy, your office will negotiate with your spouse for advice, including your spouse, before filing the bankruptcy form. If you need to file for divorce or divorce from a spouse or other employee, you must complete a second mandatory bankruptcy course.
If your individual income is higher than the median required by the state, a person can file Chapter 13 bankruptcy proceedings if he or she has debts of more than $10,000, or $20,500 for a family of four. The ability to pay the debt depends on the amount of debt and the ability of your creditors to repay it. Any service that requires more such limits or gives advice on where information should end up on your bankruptcy form may go beyond what is allowed by the court or district.
It is advisable to consult a bankruptcy lawyer in Whitehall to see if there is any other way to pay your overwhelming debts, as this will adversely affect the application you are making. Your law firm will provide detailed advice to explain your options and you will contact your office once you have made a decision on the submission. Chapter 13 Bankruptcy proceedings that can help you as an individual or whether a Chapter would be best for you. Attorney Cook has initiated bankruptcy proceedings in many situations where bankruptcy can help.
The clerk will take the bankruptcy form and ask you to sit in the waiting room. The bankruptcy attorney in your office can then speak on your behalf, which means you will no longer receive annoying calls.
Creditors can also ask you questions during the meeting, but it is rare that they actually appear. If you have historically paid your bills and been a responsible consumer, bankruptcy can be a tough pill to swallow, especially if you have no money, even though you have been a customer for years. Your creditors and credit card companies don't care about you, and you have always been responsible consumers.
If you are thinking about filing for bankruptcy, it is best not to use your credit card in the months before filing your lawsuit. If you file for bankruptcy, there is a limit on the value of the property you can keep and there are some debts that will not be cleared. If you have received a debt that you have not been able to repay, you may not be able to repay it unless your creditors fix it in a lawsuit or bankruptcy. Creditors can challenge any debt that was charged and reduced before the bankruptcy, even if you did not do so before the bankruptcy filing because you had no intention of repaying at the time of settlement.
In many cases, this exercise only confirms that you are unable to manage the debts of others and not of yourself.
Even if this may not be desirable, filing for bankruptcy may be the best option to solve your financial problems. If you are considering filing for bankruptcy, it is important to speak to a bankruptcy attorney who can examine your finances, debts and assets and give you advice on which bankruptcies you can help with. Once you retain a lawyer and sign a bankruptcy petition, your creditors should be referred to the bankruptcy attorney's office. After your attorney has sent you your bankruptcy petition, you will be notified of a 341 meeting designated under this section of the Insolvency Code.
This is a meeting with the trustee in charge of your case, where you will have the opportunity to ask questions about your bankruptcy case. This meeting allows trustees to ensure that they have given truthful answers in their bankruptcy filing, understand their financial situation, and agree or agree with what they are doing before filing for bankruptcy.