Bankruptcy Attorney | Bankruptcy Checklist

Bankruptcy Attorney |  Anyone who is considering bankruptcy will need to explore the option thoroughly before they decide that it is the right thing to do. A good debt attorney can help them make this decision, but there are some things that they need to consider before they embark upon that path. First, they will want to weigh the advantages against the disadvantages of bankruptcy. For example, with a chapter 7 bankruptcy, the process can be completed in about four months. Another very positive aspect of this plan is that it does not require that the debtor enter into a payment plan. Then, they must consider the alternatives to bankruptcy.

Can they sell any property to pay their debts? Can they negotiate with their creditors?

If these are not possibilities, they will want to see if they can qualify for bankruptcy. In order to file for bankruptcy, people must pass the means test. Once people pass the means test, their property will be assessed. Some property is exempt from the bankruptcy process, such as home equity and household belongings. Non-exempt property will be sold to satisfy the debts, and it includes stocks, bank accounts and family heirlooms. Next, the debtors can decide what to do with secured debts. They can either enter into a new agreement to re-pay the debt, pay the current value of the property or relinquish it to the creditor. The debtors will be required to enter into a short credit counseling session no later than 180 days before they can file for bankruptcy.

The counselor may be able to tell them if bankruptcy is the best choice for them and will be able to identify other alternatives. Once the decision has been made to file for bankruptcy, the debtors will need to gather several documents. These documents include tax returns, proof that they attended counseling sessions, a list of their debts and their property, wage stubs and a list of their creditors. Once the preliminary steps have been taken, a bankruptcy attorney will be able to begin the bankruptcy process.


If you are considering filing Chapter 11 Bankruptcy in Bakersfield for your business, get advice sooner, rather than later. Call Max Gardner  Bankruptcy Attorney at 661-888-4335