There is a lot of information about the differences and qualifications for Chapter 7 and 13, but how about the preparation before you actually sign on the dotted line. There are a few things you should know before you file for chapter 7. Chapter 13 is a bit more individualized based on each situation so these element apply only to chapter 7 filings...Go back - this is the time the court will request all records, IE.bank statement, retirement statements, stocks, personal assets. The range is generally 3-4 months, better prepare for 4 months to be safe. Dispute - the lender can dispute even further back than 4 months if they can prove you intentionally charged, cash advanced, or any other abuse of your credit line. In most cases this is hard to do unless it is so obvious that you heavily charged on you credit lines shortly before filing. Retirement Accounts - in general you can have up to 250 thousand in a account before the court will consider it in your case. Cars - a vehicle valued at 15 thousand or less is exempt from the filing. Assets - anything over $1,000.00 will not be exempted and the court will make a ruling about it's disposition.
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There you have the major components and the limits imposed by the court to satisfy a Chapter 7 Bankruptcy, Don't try to hide things, just prepare and make sure that you have everything in order before you sign the papers.
A error can either cause a debt not to be discharged or it may cause you to have to sell a asset you have. All in all if you prepare properly the process is pretty smooth and disputes from the credit companies would be rare. Be aware that the trustee's who preside over you hearings are keen observers and have been through many hearings. They have a sixth sense if you try to slip one over on them and the penalties can be far worse than if you just fess up.
Make sure you consult with a lawyer first and get all the facts for your state. Be sure to emphasize all the limitations you are subject to because you now know how that preparation is as important as the bankruptcy itself.
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Prepare well and live debt free.
RB
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