People file for bankruptcy protection as a way to end their financial difficulties, begin rebuilding their credit, and make that fresh start with financial stability. As per the American Bankruptcy Institute, bankruptcy serves as a very viable option for people who have:
Start Fresh Today Bankruptcy Blog
Do you wince and cover your ears at the sound of that dreaded 10 letter ‘B’ word? Do you actively disassociate yourself from it, even when you are knee-deep in financial worries and debt? You are not alone. When we hear the word bankruptcy an array of negative connotations spring to mind – a perception that needs rectifying. Coupled with negative media attention, it has become a taboo subject in society, so much so that officials within the EU have even gone as far as suggesting ‘debt adjustment’ should be used as an alternative term, as it is less stigmatizing.
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Fortunately, the required forms are almost the same regardless of whether you’ve chosen to file for Chapter 7 or Chapter 13 bankruptcy protection. Please be aware of the five most elementary categories of forms that are needed to file for bankruptcy:
Here at Start Fresh Today we want to help you with getting all the relevant information to help alleviate the stress involved in the bankruptcy process, as well as giving you an idea of what you can expect. Read below for our bankruptcy essentials!
Documents Required For A Basic Bankruptcy Case
To begin with, there are some documents that you’ll have to submit at the time of filing in your bankruptcy petition so as to lay out a complete picture of your current financial health. Therefore, here’s a synopsis of what you may require to in order to file for bankruptcy and get successfully discharged from your debts.
Tax returns - A copy of your previous year’s tax returns is of course needed, particularly that of the last two years or so. If you haven’t filed them, then you’ll very likely have to report that to the bankruptcy court and also provide valid reasons for not doing so. It may happen that you’ll be required to file those back taxes first, before your current bankruptcy protection application can move forward.
Assets - If you own assets such as property, vehicles, or any other significant assets that can be considered as one of the contributing factors to your bankruptcy, then it is very much important for you to have all the necessary documents to prove your ownership to them. For example, copies of your property’s valuation, vehicle registration, and so on.
Valid identification - For your bankruptcy hearing, and during any other general purpose, you must have valid photo identification to validate your identity. Examples of documents that may come in handy include your birth certificate, driver’s license or your social security number.
Bank accounts - If you have bank accounts or life insurance policies etc in your name, then a statement describing each such account will be required by the court. Anything which may provide a better understanding of your financial health during the bankruptcy proceeding must be revealed clearly and very much honestly.
Pay stubs - If you’re a working professional, then you’ll be asked to submit a copy of all your pay stubs as proof of income. This is generally required for the last six months prior to filing of your bankruptcy petition. If you aren’t working, then you should have all the necessary proof of your most-recent source of income ready with you.
Exceptions - The Bankruptcy Code honors any sort of special circumstances which contributed to your need to file for bankruptcy protection, such as child support or alimony. You will need to gather those documents as well and keep them ready.
If you are considering bankruptcy, Start Fresh Today offers the required U.S Trustee-approved interactive Credit Counseling or Debtor Education to help you start the next financial chapter in your life. You can even save by purchasing both required courses as a package. These are available online or by telephone, in English and Spanish. Visit our site today to learn more!
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The number of new bankruptcy cases increased in Palm Beach County last month compared to a year ago. Bankruptcy filings increased by 8.4% in September to 350 compared to 323 in September 2012. The statistics are somewhat surprising since the economy has been improving and the unemployment rate has declined during the last year. However it is believed that many employees have taken cuts in their salaries in order to get a new job or maintain their current one and are struggling to pay off their bills. Foreclosures are forcing some South Floridians to file for bankruptcy in order to save their homes or remain in them for a longer period of time.
Bankruptcy filings continue to decrease year by year. As of December 2012, 1,221,091 bankruptcies were filed in the United States. For the 12-month period ending June 30, 2013, there were 1,137,978 bankruptcies filed. States with high numbers of bankruptcies continue to include Alabama, California, Georgia, Illinois, Michigan, Nevada, and Tennessee.
It appears that consumer bankruptcies in Central and South Florida continue to decline. In Central Florida, bankruptcies are on their way to being the lowest since 2008. Through November 2012, bankruptcies decreased by 9.3% from the same period a year ago. The United States Bankruptcy Court for the Middle District of Florida shows declines in cities such as Orlando, which had 1,124 bankruptcies in December 2012, down from 1,509 in December 2011. Similar declines in bankruptcy filings are also reported by the United States Bankruptcy Court for the Southern District of Florida, where total filings for December 2012 were 2,061, down from 2,567 in December 2011.
The process of filing for bankruptcy can be a very stressful and uncertain time for filers, which can be emotionally exhausting. It doesn’t have to be. With the help of an experienced bankruptcy attorney, bankruptcy is an opportunity to get a fresh financial start. Whether you are considering filing for bankruptcy or are in the midst of the bankruptcy process, it’s important to be informed when it comes to your options and the process. Luckily, we’ve compiled a list of 4 brief and helpful videos that help explain different aspects of the bankruptcy process:
Those who find themselves burdened by debt and an inability to pay off mounting bills face more stress when deciding whether or not to file for bankruptcy. Emotionally exhausted, most debtors find the thought of going through the bankruptcy process as traumatic as dealing with their debts. But the bankruptcy process is meant to give debtors a fresh start.
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If you are planning to file for Chapter 7 or Chapter 13 bankruptcy, you must complete: