Sunday, April 20, 2008

Be honest with your bankruptcy attorney about the income

You should be honest with your bankruptcy attorney about all the income that you have to earned over the past 6 months - even if it was from a source other than your regular job and paycheck. This is another information that the law requires you produce while filing for bankruptcy. So disclose all finances fully. Before the bankruptcy laws were amended, the majority of individuals filing were able to choose between Chapter 7 and Chapter 13. Discuss with your bankruptcy attorney about all the debts you have, both secured and unsecured, and ask whether or not some of your debts will still be around after bankruptcy has been filed. Once all the paper works has been compiled and everything has been checked over, you must sign the petition in the appropriate places as a way of stating that the information you have provided is true. Find out if you should file a chapter 7 - this will depend on the type of debt you have, and the amount. A chapter 7 is also known as liquidation bankruptcy. If you don't fit under this category, you'll probably have to file a chapter 13 instead.