One of the most important things about filing bankruptcy is honesty. It is imperative that you must disclose all your assets and debts. In addition to being honest, you must provide the trustee, who is administering your case, with several documents.
It is imperative that you provide substantial documentation or the creditors meeting will not be held or your case will be dismissed or thrown out for failure to provide documentation.
Since means testing has gone into effect since October, 2005, it is now imperative that you provide your lawyer with pay advices for the last six months, or a print out from your employer. If you are not employed, you must provide any source of income you have received within the last 6 months, plus total income for the last 2 years.
You must next provide tax returns. If you were required to file tax returns and didn’t file them, then your case will be thrown out if you don’t provide them immediately, since the bankruptcy code makes it mandatory that your provide tax returns. If you don’t make enough money to file tax returns, then you must provide your lawyer with all source of income for the last 2 years before the year you file.
In addition, you must provide a market analysis if you own real estate plus the balance due on the mortgage. Some trustees also require auto insurance and home owner’s insurance declaration pages.
Also, it is imperative that your provide bank statements for the last 90 days.
Finally, it is imperative to have a credit report to make sure all creditors are listed.
If you do not provide these documents, your creditors meeting will not be held and then the trustee will file a Motion to dismiss your case in a Chapter 7. In a Chapter 13, your case will be dismissed at confirmation if the creditors’ meeting is not held or for failure to provide documentation.
Thus, bankruptcy gives you substantial benefits with the automatic stay; however, you have an obligation first to be honest by disclosing all your assets and liabilities, since you are under the penalty of perjury when you sign a bankruptcy petition. Finally, if you don’t provide the aforementioned documentation, you case will be thrown out or dismissed for failure to cooperate with the bankruptcy trustee.
If you have any questions concerning this or any other matter, feel free to contact me at 856-235-4994 or at TAIEBLAW.COM.
Steven N. Taieb, Esq. is here to help you and is a South Jersey Bankruptcy Attorney who has helped over 7000 people with their financial problems for the past 32 years and is board certified in consumer bankruptcy law by The American Board of Certification which is accredited by The American Bar Association.
We are more than happy to discuss all your options and to see if bankruptcy is the best option for you.