The requirements for filing a Chapter 13 bankruptcy case are as follows:

1) You must submit to credit counseling session. This is a one hour session with a credit counselor that can be done over the telephone, in person, or over the internet. The credit counselor will ask you about your income, your expenses, your assets, and your liabilities. After the end of the one hour session, you will be issued a certificate which you should provide to your attorney. Don’t rely on the credit counseling agency to provide your attorney with your certificate. Take the time to ensure your attorney has received your copy of the certificate.

2) You must provide 2 months worth of pay advices. Pay advices are proof of all sources of income such as: employment, unemployment, disability, pension, profit sharing, retirement, etc.

3) You must provide 4 years of federal tax returns. You can provide the actual return to your attorney or the transcripts can be requested directly from the Internal Revenue Service.

A bankruptcy case from filing until discharge, otherwise, from start to finish is approximately, 90 to 120 days. It is a relatively simple process from the consumer’s standpoint. The consumer provides information to his attorney who prepares the documents, acquires the required signatures, and advises the client on what steps need to be taken. For the most part, the client only has to appear before a trustee on one occasion. At that meeting, the individual has to swear under oath that the information contained in the petition and schedules are true and accurate to the best of his/her ability. The trustee’s job is to look for assets that can be taken and administered to pay off either all or a portion of the debtor’s debt. In the overwhelming majority of Chapter 7 cases, there are no assets to be administered. Thus, the person is granted a fresh start and there is nothing that goes to the creditors. That is why very few creditors, if any, will show up at the court date. Most creditors know that when they receive the Chapter 7 notice, there is not likely going to be any assets to be administered. Further, they know that there is a Chapter 7 trustee appointed by US Court to oversee the debtor’s petition and schedules. The trustee will inquire as to veracity of the debtor with regard to the information contained in the petition and schedules. Thus, there is typically one court date, 4-6 weeks after the case is filed, from start to finish, approximately 90 – 120 days, completing the case.

Chapter 13 is reorganization through a Chapter 13 trustee, provided for under Chapter 13 of the United State Bankruptcy Code. It allows for the repayment for all or a portion of one’s debt, over a 3-5 year period. So from anywhere typically between 36 to 60 months that individual will be making a monthly payment to a Chapter 13 trustee who will deal out payments each month to creditors, according to a certain hierarchy or priority. Chapter 13 is the perfect home-saver case. By that I mean, an individual can repay whatever they are behind on their mortgage, known as their mortgage arrearage, over the next 3-5 years, while making their regular 1st and if applicable, 2nd mortgage payment(s) on time once again. What happens with a lot home owners who are in foreclosure, is that they fall behind on their mortgage and the mortgage company wants one lumps sum payment to catch up. Well, homeowners don’t have that ability, but they do have the ability provided that they are back working, or they are not ill, to make a monthly payment to a trustee which will pay off that mortgage arrearage over the next 3-5 years. And while they are in this repayment plan, they are allowed to make their regular mortgage, on time, going forward. So, a Chapter 13 is most commonly used as the home-saver case. It is a great way to save a home that is in foreclosure when the mortgage company is not willing to work with the homeowner and the mortgage company is not looking to modify the loan. Chapter 13 provides sort of a modification, where you say “hey I am going to pay the regular mortgage payments on time again and I am going to pay the part where I fell behind over the next 3-5 years”. Yes, Chapter 13 is really a great home-saver case.

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 Where plaintiff used his equity in first residence to purchase a new home titled in both parties’ names, thereby commingling the properties so as to transmute his equity into marital property, the residence was properly classified as marital.  In re Thacker
 A family residence was properly deemed marital property where the husband purchased the house approximately two months before the parties were married by borrowing $3,000 for the down payment and mortgaging the remaining purchase price, as he never spent any money from personal funds accumulated prior to the marriage, and the mortgage payments were made with marital funds.  In re Ohrt
 Where house was purchased by the parties prior to, but “in contemplation of” their marriage; the parties were living together at the time of the purchase and had discussed acquiring a marital home; they both accompanied the real estate agent to view the property for the first time; they both signed the offer to purchase the property; former wife’s parents provided a loan of $5,000 towards the down payment; and additional $5,000 came from the parties joint funds; they used joint funds in addition to the rental income from the property to make the mortgage payments prior to moving into the home; and during the marriage all mortgage payments were made from marital funds, the house was considered a marital asset.  In re Malters

See Also: Bankruptcy Lawyers Boston

Where do you look for these financial documents? Some of the information may be at your fingertips, but some might require sleuthing. Start looking in the obvious places — where you and your spouse keep important papers in the house and in your safe-deposit box, if you have one. But also watch the mail, and be alert to anything from insurance companies, credit-card companies, banks, brokerage firms, and mutual-fund companies. Go to your employer for work-related documents, such as what you currently have in your pension account. Ask your accountant, attorney and financial advisors for copies of any financial information they have,
such as prior tax returns or documents on ownership of property.

Satisfy Your Credit Counseling Requirement Before Filing Bankruptcy

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