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Bankruptcy |
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The new Bankruptcy Laws set stricter standards on the filing of bankruptcies and require more disclosure and
paperwork than ever before. At Kelsey & Trask, P.C. we can help you evaluate whether Bankruptcy is the best
option for you, and whether you qualify for a Chapter 7, Chapter 11 or Chapter 13 bankruptcy. We are a debt
relief agency and we help people file bankruptcy relief under the Bankruptcy Code. We can assist you in
preparing the necessary filings, and ensure that you are appropriately prepared.
The new bankruptcy laws became effective on October 17, 2005. The information contained below is intended
to advise you of your obligations under the new bankruptcy law and to help ensure our compliance with the
new law. Please read all of the information carefully and follow all instructions to the best of your ability. |
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What should I expect at the initial consultation meeting?
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| The initial office visit is intended to acquaint you with basic information about bankruptcy and to assess your current financial
situation in order to determine your need and eligibility for the filing of a bankruptcy case. This will include information
about the types of bankruptcy provided by each of the Chapters and how each Chapter works, what types of debts can be forgiven,
what property you can keep, what debts you need to keep paying, how to value property in bankruptcy and how to complete the
petition, forms, plans, schedules of property, and schedules of your debts. As part of this process, Kelsey & Trask, P.C.
will evaluate your financial situation to determine your need and eligibility for the filing of a bankruptcy case. |
What documents should I have available before meeting with an attorney? |
| Identification: |
| The new bankruptcy law requires that you provide proof that you are who you
say you are. Please bring with you to the initial office visit an official
photo ID (i.e., a driver's license) and your Social Security card. |
| Proof of Income: |
| The new bankruptcy law requires that you provide proof of your average monthly gross income from all sources for
the last six (6) months starting with the first month before your scheduled office visit. Please bring with you
to the Initial office visit ail available pay stubs or other records of income for the past seven (7) months,
including records or receipts from employment income, tips, bonuses, commissions, child support payments received,
spousal support payments received, support from someone paying or sharing your living expenses, rental income,
unemployment compensation, social security income, retirement, pension payments, interest payments, dividends,
or income from any other source. If you are married, then you will need to provide this information for both
you and your spouse, even if you plan on making an individual filing. |
| Deductions to Income: |
| The new bankruptcy law requires that you provide proof of any deductions from your income to Include: federal
and state taxes, retirement plan contributions, retirement plan loan repayments, insurance, court-ordered payments,
garnishments, and all other deductions whether voluntary or involuntary. If you have your own business, you must
provide a complete listing of all of your monthly business expenses including a year-to-date or recent monthly
Profit & Loss Statement for your business, if possible. Please be prepared to bring as much documentation
as you have available for the last seven (7) months.
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| Banking Records: |
| Please provide monthly statements from your bank, credit union, or other financial institution for the past seven (7) months.
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| Income Tax Returns: |
| , The new bankruptcy law requires that you provide proof of your annual gross Income for the last four (4) years and proof
that you filed tax returns for three (3) years. Please bring with you to the initial office visit copies of your filed
income tax returns for the last four (4) years. If you have not filed any of these tax returns please begin that process
as soon as possible, as we will not be able to file a bankruptcy until all necessary tax returns are filed.
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| Household Expenses: |
| The new bankruptcy law requires a listing of your monthly household expenses including those for mortgage or rent, utility
services (electricity, gas, fuel oil, propane, water and sewage), telephone service, cable or satellite television service,
home maintenance, food, clothing, laundry and dry cleaning, medical and dental expenses, transportation costs, recreation
expenses, clubs, entertainment, charitable contributions, insurance (homeowners or renters insurance, life insurance,
health insurance and automobile insurance), taxes on property, alimony, maintenance, and child support.
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| Credit Report: |
| Federal law entitles you to receive a free credit report annually from each of the three credit reporting agencies.
Please request your free credit report online by visiting http://www.annualcreditreport.com.
You may also request your free credit report by mail or by phone. Mail your request to Annual Credit Report Service,
PO Box 105281, Atlanta, GA 30348-5281 or phone (877) 322-8228 toll free.
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| Account Statements: |
| The new bankruptcy law requires a listing of all of your debts including those for credit cards, medical bills,
personal loans, automobile loans, furniture loans, jewelry loans, lawsuits, and any other matters.
Please bring with you to the initial office visit as much documentation as you have available for the last thirty
(30) days on all such debts.
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| Property Documents: |
| The new bankruptcy law requires documentation of all contracts and security agreements including those for
mortgages and leases, refinancing, transfers of ownership, time shares, stocks, car loans and leases, furniture
rental and leases, jewelry loans and any other contract or security agreement. Please bring with you to the Initial
office visit as much documentation as you have available for the last four (4) years. |
| Proof of Insurance: |
| The new bankruptcy law requires proof of insurance on all property secured by a lien, including, but not limited to,
homeowners insurance and/or automobile insurance. Please bring with you to the initial office visit as much documentation as you have available.
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| Domestic Support Obligations: |
| If you are paying any child support, alimony, or separate support, you need to bring all documents associated
with such payments. You must provide some proof that you are current on these obligations and provide the name
and address where those documents are required to be sent. |
| Other Documents: |
| The production of other documents as required by^ the new bankruptcy law includes those for any bankruptcy you
filed during the last eight (8) years, a list of all of your addresses for the last three years, documentation
of any felony conviction, money or property received from a trust or probate estate, educational IRA's or tuition
programs, etc. Please bring with you to the initial office visit as much documentation as you have available.
If you do not have any of the above information available for the initial office visit then you may need to contact
your employer, human resources officer, income tax preparer, bank or credit union, service providers or other sources
to request this information. Please do not cancel your appointment for your initial office visit simply because you
do not haw these records. I may be able to assist you in retrieving these records. |
When filing for Bankruptcy, what financial information do I need to disclose?
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| Everything you own and every debt you owe must be completely and accurately disclosed in the documents filed to
commence this case. Bankruptcy is not a "pick and choose" proceeding. You do not leave some debts in and leave
some debts out. Everything must be included. You must value each item you own at the rate It would cost you to
replace the item with one of the same condition, age, and usefulness. The information you give to an attorney,
a staff member of the law firm, the Bankruptcy Trustee, or the Bankruptcy Court that is provided with your petition
and during the case must be complete, accurate, and truthful. |
How do I file for Bankruptcy?
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| The Bankruptcy Code requires you to perform certain tasks including filing certain documents with the Court.
Your attorney will notify you of the need and time limits for
performing these tasks. If you fail to meet these deadlines your case will automatically be dismissed and
you may be barred from re-filing a case. |
What documents to I need to file with the Court?
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To file a bankruptcy case, documents called a Petition, Schedules, and Statement of Financial Affairs,
as well as in some cases a Statement of Intention need to be prepared correctly and filed with the
bankruptcy court. You will have to pay a filing fee to the bankruptcy court as well. Once your case
is filed, you will have to attend a first meeting of creditors where you will be questioned under oath
by a court official called a "trustee". At this meeting you may also be questioned by your creditors.
If you chose to file a Chapter 7 case, you may be asked to reaffirm a debt. You may want help deciding
whether to do so.
All of the Information you provide in your Petition, Schedules and Statement of Financial Affairs
and any other document filed with the Bankruptcy Court will be subject to audit by the United States
Department of Justice. If you fail to provide this information your case may be dismissed. If you act
dishonestly you may be subject to criminal sanctions. |
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CHAPTER 7 - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm |
| What is Chapter 7 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q1 |
| What is the purpose of a Chapter 7 Bankruptcy filing? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q2 |
| What kinds of debts are not discharged in Chapter 7 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q3 |
| How much does it cost to file for Chapter 7 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q4 |
| Can I file Chapter 7 Bankruptcy Even if I Have Filed Before? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q5 |
| Can a Court Deny my Discharge in a Chapter 7 Bankruptcy Case? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q6 |
| What happens if I paid off all or some of my debts before I file for Bankruptcy? What is an "Insider"? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q7 |
| Do I need to take a credit counseling course before I can file for Chapter 7 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q8 |
| Do I need to be a resident of Massachusetts to file for Bankruptcy in Massachusetts? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q9 |
| What happens immediately after I file my Chapter 7 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q10 |
| What do I need to file with my Bankruptcy Petition? Are there any deadlines? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q11 |
| What Happens After My Case is Filed? Do I Need To Go to Court? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q12 |
| Under What Circumstances Can Creditors Object to the Discharge of a Debt? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q13 |
| When Will I Receive My Discharge? - http://bankruptcy.kelseytrask.com/PracticeChapter7.htm#Q14 |
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THE MEANS TEST - http://bankruptcy.kelseytrask.com/PracticeMeansTest.htm |
| What is the Means Test? - http://bankruptcy.kelseytrask.com/PracticeMeansTest.htm#Q1 |
| How is the Means Test calculated? - http://bankruptcy.kelseytrask.com/PracticeMeansTest.htm#Q2 |
| What is the Median Family Income for Massachusetts? - http://bankruptcy.kelseytrask.com/PracticeMeansTest.htm#Q3 |
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CHAPTER 13 - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm |
| What is Chapter 13 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q1 |
| What is the purpose of a Chapter 13 Bankruptcy filing? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q2 |
| What kinds of debts are not discharged in Chapter 13 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q3 |
| How much does it cost to file for Chapter 13 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q4 |
| Can A Court Deny My Discharge In A Chapter 13 Bankruptcy Case? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q5 |
| Do I Need to Take a Credit Counseling Course Before I Can File for Chapter 13 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q6 |
| Do I Need To Be A Resident Of Massachusetts To File For Bankruptcy In Massachusetts? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q7 |
| What Happens Immediately After I File My Chapter 13 Bankruptcy? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q8 |
| What Do I Need To File With My Bankruptcy Petition? Are There Any Deadlines? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q9 |
| What Happens After My Case is Filed? Do I Need to Go to Court? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q10 |
| Can My Creditors Object to the Discharge Of My Debts? Can My Discharge Be Denied? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q11 |
| Under What Circumstances Can Creditors Object to the Discharge of a Debt? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q12 |
| When Will I Receive My Discharge? - http://bankruptcy.kelseytrask.com/PracticeChapter13.htm#Q13 |
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PROTECTING YOUR HOUSE - http://bankruptcy.kelseytrask.com/PracticeProtectingHouse.htm |
| How can filing bankruptcy help protect my house? - http://bankruptcy.kelseytrask.com/PracticeProtectingHouse.htm#Q1 |
| Will filing for bankruptcy ensure that I can keep my house? - http://bankruptcy.kelseytrask.com/PracticeProtectingHouse.htm#Q2 |
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STATE/FEDERAL EXEMPTIONS - http://bankruptcy.kelseytrask.com/PracticeExemptions.htm |
| What is an Exemption? - http://bankruptcy.kelseytrask.com/PracticeExemptions.htm#Q1 |
| Do I have a choice of Exemptions? - http://bankruptcy.kelseytrask.com/PracticeExemptions.htm#Q2 |
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