Bankruptcy can be filed by anyone who has financial instability and may not be able to pay next month. There are different types of bankruptcy. Chapter 13 of bankruptcy helps a person to plan repayment in different methods like settlement or small installments, but chapter 7 of bankruptcy helps in selling all assets of debtors to repay creditors, also, chapter 11 helps in giving debtor extended time for reimbursement or adjusting the debt amount. Any chapter is chosen by the bankruptcy trustee in agreement with the Bankruptcy Code.
Anyone qualifies for bankruptcy chapter 7. However, there are many formalities and documentation required to be filled. Thus, hiring a bankruptcy lawyer is the best option that goes ahead and collects all documents related to accounts and assets. They try all ways to get you cleared out of your debts and pay off your creditors without being harassed by the court.
The petition of Chapter 7 bankruptcy is of 50 pages long. This requires a lot of reading and information. Here comes the help of an attorney. They help in organizing all documents and completing the bankruptcy form conveniently.
Here are some documents that are required –
- Paychecks stubs for last 6 months
- Bank statement for last 6 months
- Last 2 years of statements of tax returns
- Statements of current investments, loans, mortgage as well as retirement
- Value of all properties and assets that includes house, land, cars, etc.
- Billing statements for credit card and other collections
- Driving license and copy of SSN
- Credit counseling accomplishment documentation
- Repair estimated cost of any property damage
When you hire a bankruptcy attorney, you require getting all copies of the above-mentioned documents to start consultation. This helps the lawyer to evaluate your case and wrap it up quickly. Submitting documents early will help in resolving your case early. There are many issues that arise prior to the 341 meeting, submitting documents early help to take care of issues prior to 341 meeting date, therefore saves time.
Denbigh Law Center in Yorktown, Virginia is known for helping people who want to file for liquidation. The firm was created in 1982, and till date, they’re known for their excellent service at affordable price. All finest and senior bankruptcy attorneys Yorktown are partnered with the firm. They do charge consultation fee, but their advice is never misleading.
Bankruptcy affects the entire community associated with the entity. It can be a person and his/her family, or corporation and workers. It is great to appoint an attorney before you get into more debt.