There are three types of bankruptcy cases
--- Chapters 7, 11, and 13. Separate pages explaining each
Chapter in detail can be found on this website. A brief summary
follows:
Chapter 7
The goal for individuals who file Chapter 7 is to free themselves
of debt through a bankruptcy discharge. Although businesses
normally do not receive a discharge, corporations and partnerships
may use Chapter 7 to liquidate and close their business.
Chapter 11
Corporations, partnerships, and sole proprietors wishing to
remain in business and reorganize their financial affairs
may file Chapter 11. These debtors seek to restructure their
debts, either by reducing the debt or by extending the time
to repay. A Chapter 11 plan can also be used to liquidate
all or a portion of a debtor's assets.
Chapter 13
Chapter 13 is for individuals with regular income who want
to reorganize their financial affairs. The debtor proposes
a repayment plan, for example, to catch up on the arrears
on their home mortgage or car payment. Only individuals and
sole proprietors are eligible for Chapter 13, which is simpler
and much less expensive than a Chapter 11.
Documents Required for the Office Appointment:
In order to prepare the consumer bankruptcy papers, the client
must bring the following documents:
- A list of all creditors, including addresses, account
/ loan numbers, and the amounts and description of each
debt;
- A clear copy of your social security card, government
issued photo identification, and proof of legal permanent
residency, if applicable;
- For each secured debt, such as a car loan or home mortgage:
a. copy of the latest statement showing the balance due
on the debt;
b. copy of the motor vehicle registration or recorded deed
for each secured debt;
c. tax bills for all real property owned.
- Income tax returns for the last three years, including
W-2, 1099, and K-1 information;
- Copies of the last three paystubs and copies of bank statements
for the last 90 days showing the amount and frequency of
the client's income;
- A detailed list of the debtor's monthly living expenses,
i.e., food, clothing, housing, utilities, taxes, transportation,
medicine, etc;
- If self-employed, copies of monthly profit-and-loss statements
for the past six months;
- Copies of any lawsuits or judgments, regardless of whether
the client is a plaintiff or defendant; and
- Copies of any family trusts or prenuptial agreements.
Note: contact us by phone or e-mail
to request a customized questionnaire and reduce your costs
by bringing the completed questionnaire to the office conference.
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