Since Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act, bankruptcy has become much more complicated. Many people filing bankruptcy after being inundated with questions and collecting documentation have come to the conclusion that Congress created the BAPCPA to discourage Americans from filing bankruptcy. Although the changes made it more complicated, individuals in financial trouble should not be discouraged and just grind it out with a bankruptcy lawyer’s help.If you’re looking for more tips, Lawyer for Bankruptcy in Chicago has it for you.
Initially, when a financially troubled individual visits a bankruptcy attorney for advice, they are only required to provide basic financial information. The details provided to the bankruptcy attorney can help the attorney decide whether or not a individual should file Chapter 7 bankruptcy. It’s not because the bankruptcy lawyer is nosy, every bankruptcy case is special, so it’s necessary to pose such difficult questions to better serve the client.
Where the gathering of real information begins after the individual hires the bankruptcy attorney and gets a list of the documentation needed to file for bankruptcy. The bankruptcy attorney requires most of these documents before the petition can be filed. Typically, the attorney will ask for the past six months to pay stubs for all household salaries. Next, they’ll need to see three years of tax returns for bankruptcy filing. The bankruptcy court requires the individual filing bankruptcy to provide a copy of their driver’s license and Social Security card when attending creditors’ 341 meeting. It’s fairly clear the bankruptcy counsel would still like versions of these. Before filing the bankruptcy petition, the debtor will have to take a pre-bankruptcy credit counseling course with a completion certificate at the time of filing.
There are other items the bankruptcy counsel can apply for that will change from lawyer to lawyer is a summary of credit report from the three credit rating agencies. This will help to ensure that all debts are included in the bankruptcy petition before filing. Sometimes there will be debts that don’t appear on the credit report, and individual bankruptcy filing needs to make sure the bankruptcy attorney receives that information. Some attorneys will request an auto or home valuation report. It’s not always necessary, but it’s asked sometimes.