Your Responsibilities When Filing Bankruptcy to Become Debt-Free
When filing bankruptcy you need to list all of your creditors and the debts you owe. What always happens though is someone forgets to list one. Hopefully, the bankruptcy has not been discharged. If the bankruptcy is still pending and has not been discharged, you can file an amendment and add the unsecured creditor. If the Bankruptcy was already discharged, it becomes a matter of whether or not you had no asset bankruptcy. But no asset bankruptcy is one where there was no assets available to liquidate to pay your creditors. If you had an asset bankruptcy at creditor can file a legitimate complaint because they didn't get their portion of nonexempt assets.
It's very important when filing bankruptcy to list all your creditors. An easy way to make sure that you have them all is to pull a credit report. The information contained about an individual's debts and assets on the reports are very important. Not only is this a valuable tool for bankruptcy filing but it's helpful if an individual is filing divorce. Credit reports contain a wealth of information including, creditors addresses, balances and account numbers. It will have the date the account was opened and the monthly payment amount and past due amount. Always remember though, that not all creditors report to the credit bureaus.
Under the new bankruptcy law, the bankruptcy abuse prevention and consumer protection act requires that a debtor's assets must be valued at replacement cost. Most attorneys will give you a notice that is required of the bankruptcy code, which explains valuation similar to this section from the disclosure. It states, you must determine how much personal property is worth as it is today. Do not value your property based upon what you can sell it for. Instead, value it at what you would have to pay to replace it. If your property is new or close to new, consider retail value adjusted to whatever extent appropriate for the amount of the property has been used. For example, use thrift store prices or maybe even garage sale.
As the debtor in a Chapter 7 bankruptcy filing, your duties include disclosing information about every asset you own or have interest in, and every liability you owe. You need to list all your creditors, large and small. Additionally, you will need to provide the trustee with information regarding your income, such as, pay stubs, W-2s and even possibly tax returns. If you are able to successfully violent complete the Chapter 7 process you will receive a discharge from the bankruptcy court which will indicate all those deaths have been discharge and they are uncollectible. You will be debt free and on your way to a new beginning starting all over.
It's very important when filing bankruptcy to list all your creditors. An easy way to make sure that you have them all is to pull a credit report. The information contained about an individual's debts and assets on the reports are very important. Not only is this a valuable tool for bankruptcy filing but it's helpful if an individual is filing divorce. Credit reports contain a wealth of information including, creditors addresses, balances and account numbers. It will have the date the account was opened and the monthly payment amount and past due amount. Always remember though, that not all creditors report to the credit bureaus.
Under the new bankruptcy law, the bankruptcy abuse prevention and consumer protection act requires that a debtor's assets must be valued at replacement cost. Most attorneys will give you a notice that is required of the bankruptcy code, which explains valuation similar to this section from the disclosure. It states, you must determine how much personal property is worth as it is today. Do not value your property based upon what you can sell it for. Instead, value it at what you would have to pay to replace it. If your property is new or close to new, consider retail value adjusted to whatever extent appropriate for the amount of the property has been used. For example, use thrift store prices or maybe even garage sale.
As the debtor in a Chapter 7 bankruptcy filing, your duties include disclosing information about every asset you own or have interest in, and every liability you owe. You need to list all your creditors, large and small. Additionally, you will need to provide the trustee with information regarding your income, such as, pay stubs, W-2s and even possibly tax returns. If you are able to successfully violent complete the Chapter 7 process you will receive a discharge from the bankruptcy court which will indicate all those deaths have been discharge and they are uncollectible. You will be debt free and on your way to a new beginning starting all over.
