Bankruptcy Qualification & Documents
While filing for bankruptcy may seem like a saving grace to get you out of a devastating financial situation, there is a strict qualification process and several criteria a debtor must meet in order to qualify. Under the bankruptcy law guidelines, clients filing for Chapter 7 bankruptcy must first complete a credit counseling education course. We’ll also need to analyze your income to see where you fall on the Means Test. If your income is under the current median income in your state, you can qualify. If it is above, we’ll look at your monthly expenses to see how much leftover income is available. If the disposable income is under a specific amount, you can qualify. Read more about Chapter 7 bankruptcy and the qualification process.
For Chapter 13 bankruptcy, a client must first have a verifiable and steady source of income. This income is to be used to pay back priority debts over a 3 to 5 year period of time. The monthly payment amount and timeframe depend on the debtor’s household income and the current median income number. Read more about Chapter 13 bankruptcy.
To prepare your bankruptcy filing as quickly as possible, please bring all (or most) of the following documents with you to our initial consultation.
State ID and Social Security Card
Past 4 years of tax returns
6 months’ checking/savings account statements
Child Support/ Alimony Orders
Garnishment Documents
Repossession Documents
Foreclosure Documents
Any recent personal Injury or Worker’s Compensation Documents
HUD and Settlement documents regarding recently sold real estate
Medical Bills and Collections
Real property information
Auto loans’ balances
Mortgage balance
Law suits information
Divorce decrees or other papers
Expenses’ summary
6 months’ pay stubs
Other documents you feel relevant and important.
The faster we can begin your bankruptcy filing, the faster our law firm can act on any foreclosures, sheriff sale or wage garnishments you may be facing. Get back on a path to financial freedom with legal representation from our Middlesex bankruptcy attorney. To schedule a no obligation and confidential consultation, call 732-624-6283.
