Everything You Must Tell Your Bankruptcy Attorney Before Filing For Chapter 7 Bankruptcy

When you are filing for Chapter 7 bankruptcy, you will need to provide a considerable amount of information to the courts. You will typically need to fill out a questionnaire that is dozens of pages long, for example. However, this process is made much easier when you receive consultation from a bankruptcy attorney. Here are some examples of details you should provide your bankruptcy attorney.

All Your Creditors

Any debts you own should be disclosed to your bankruptcy attorney immediately. While many of your debts are shown on your credit report, it is not an exhaustive list of all your creditors. Look through your own papers for statements and notices you might have received of past debts.

You may notice that some of your debts have different collection agencies than your original creditor. This is normal because it is common for creditors to sell debts to debt collection agencies.

Real Estate You Own

For many Americans, the most expensive thing they may own is their house. If you own any real estate, your bankruptcy attorney must be informed about it. While your house might be exempt, your attorney will still need to know about your living arrangements. This includes business property, agricultural land, future interest in real estate, or timeshares.

Vehicles in Your Name

You may be able to keep a vehicle so you can commute to and from work, but other vehicles may need to be liquidated to pay your debts. You will not want to sign the title of the car over to someone else right before filing for bankruptcy because you may be accused of trying to hide assets. 

Any Money You're Coming Into

If you believe you will be receiving an inheritance, bring this up with your bankruptcy attorney. Then, you can be informed on how your inheritance might affect your case. On the other hand, if you have any debts that are cosigned, the cosigner might still be required to pay off the debt unless they also choose to file for Chapter 7.

All Income Sources

Whether or not you will qualify for Chapter 7 bankruptcy depends on if you are considered to be a wage-earner. Otherwise, you may have your bankruptcy converted to Chapter 13 or thrown out.

Answer Your Attorney's Questions

Rather than fill out a long questionnaire, speak with an attorney and answer any questions asked. Your attorney can assist you in answering these questions much more efficiently and meet your legal obligations. 

Contact a local bankruptcy attorney to learn more about the filing process.