Choosing To Change Your Finances

Using Chapter 7 Bankruptcy And Filing Soon? Have These Things Ready

by Luis Hawkins

Are you getting close to filing for Chapter 7 bankruptcy? If so, you are going to need to get a few things ready before meeting with your bankruptcy attorney

List of Real Estate

Start by gathering a list of all the real estate you own. If you are worried about losing your property, know that it is possible to exempt your property in most states, but you still need to state what you own. If you are filing bankruptcy as a couple, you will need to list all properties that you own, either jointly or individually. If you do not own any real estate, then you should list all deposits that are held by landlords

List of Major Personal Property

You'll also need a list of all your major personal property. This typically means vehicles like your car but can also mean high-value items such as boats. Once again, there are also exemptions for vehicles, where you are typically allowed to keep a vehicle for each person in your household. This will ensure that you are not left without a car after bankruptcy. 

List of Creditors

A list of creditors is going to be crucial, and it is important that you do not forget anything. Any creditors that you miss are going to be left off the bankruptcy filing, which means you will still owe that debt. You'll want to gather information on loans that you have for a car or mortgage, as well as installment loans that you owe money on. List all of your credit card debt, no matter how big or small it may be. If you owe money to a friend or family member, be sure to list that as well, since that is considered a debt that can be discharged. 

Child support and alimony payments cannot be discharged, it is important that you still list those debts so that the court is aware of what you owe. 

List of Recent Big Payments

Did you try to pay off some of your debts before you decided to file for bankruptcy? Anything paid within the past 90 days before your filing will need to be listed. There is a chance that some of these payments could be clawed back from your creditors if the court feels that you were being selective about who you paid back or you simply paid the debt too close to your bankruptcy filing.