Bankruptcy Lawyer | Bankruptcy Checklist

Bankruptcy Lawyer | Bankruptcy Checklist

Bankruptcy Lawyer | Whether or not someone intends to use a bankruptcy lawyer to assist them with a filing, it’s important that they create a

bankruptcy checklist. This checklist needs to include the paperwork and information an individual will need to successfully

eliminate all eligible debt; it should contain a comprehensive breakdown of debts, any legal paperwork related to debts and

a complete list of income and assets.

Debt List

The first step in creating a list of debts is to run a credit report. This should provide a breakdown of debts, including their

amounts and the creditors that they are owed to. However, it’s important to remember that credit reports may not be accurate or current. People should review their own financial paperwork to ensure that they have a complete list of what they owe. Failing to include all debts in a bankruptcy filing may result in debts still being owed after a bankruptcy is complete.

Legal Paperwork

Some creditors will attempt to collect what someone owes through legal channels, and two of the more commonly used

options are wage garnishments and liens. If someone has a wage garnishment or a lien against their property imposed by

a creditor, filing for bankruptcy will stop these types of collection efforts. Creating a list of pending and current legal

actions can ensure that creditors are informed of a filing and that actions are halted or prevented.

Income and Assets

When preparing to file for bankruptcy, individuals should gather income related documents, such as tax returns and pay

stubs, and titles for valuable property, like real estate, homes and vehicles. These documents will be important for the

means testing process and determining if assets may be liquidated to pay off creditors.

A bankruptcy lawyer could help someone figure out if they can or should file for Chapter 7 or Chapter 13 bankruptcy based

on their situation. Additionally, a lawyer could also help someone figure out which of their debts are eligible for discharge

and which of their property may be exempt from liquidation.