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Tips on Filing for Bankruptcy in California
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Posted On :
Dec-23-2011
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Article Word Count :
905
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If you are considering filing for bankruptcy in California, you are not alone. But be sure to investigate the option completely so you know what you are getting into for the long-term and be aware that there are some very specific steps you need to take to file your petition in court successfully.
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Considering the tough economic times Californians have experienced as a result of the economic downturn and the mortgage crisis, it is no surprise that many of the state’s residents have either filed for or are seriously considering filing for bankruptcy.
If you are one of those considering the option of bankruptcy in California then there are several options you must decide on first. The first thing you need to do is decide whether to hire a bankruptcy attorney to represent you or to represent yourself in your bankruptcy case.
Once you’ve determined what you want to do with respect to representation in court, and regardless of whether you represent yourself or you are represented by an attorney, there are several steps you need to take.
Keep in mind this is only a general outline for filing for bankruptcy in California. Be aware that there are additional steps that you may need to complete depending on what Chapter of bankruptcy you are filing and if you are representing yourself or having an attorney represent you. The first thing to do is to gather all the necessary documents you will need to complete your paperwork including six months of Paystubs or Other Income Verification. If you are unemployed or have other income then you should have that this information to complete your documents
Gather all the information you can on all of your creditors that you currently owe money to, even if you are making payments to them now, including their addresses and the estimated amount that you owe to each. . One option is to pull your credit report to review what you owe and to whom, but keep in mind that pulling your credit report also impacts your credit score, in most cases.
Gather documents that provide information on any assets you have including whole life insurance policies, IRAs, 401K, retirement plans through present or previous employers, your car’s vehicle value (Kelley blue Book value, Edmunds, or NADA), and other assets.
You will also want to make copies of your previous tax returns for two years for Chapter 7 bankruptcy and four years if you are filing a Chapter 13 bankruptcy petition in court.
If you are represented by a bankruptcy attorney they will also request that you gather these documents and provide them to their office. These documents are needed to complete your bankruptcy schedule and petition.
You will very likely be required to complete a credit counseling class prior to filing your bankruptcy petition. Why? Because the courts want to see that you are making a good faith effort to get a handle on finances and working toward a better future when it comes to credit. Most of the classes are approximately 1.5 hours long and generally can be done over the phone or internet. You can find a list of approved credit counseling agencies online.
The credit counseling class must have been completed within 6 months of filing your bankruptcy petition. It is important that you do not complete the class until you are ready to file the petition because if your credit counseling certificate expires before your court hearing, you may be required to retake the credit counseling class.
You will need to complete a petition and schedules and file them with the court and the location for this will depend on where you have lived in the last 180 days. If you are represented by an attorney then the attorney will fill out the documents and schedules and review the information with you. The attorney will then file the documents with the appropriate bankruptcy court.
Mail the Tax Trustee assigned to your case your last 2 years of filed federal and state tax returns. If you are filing a Chapter 13 bankruptcy then you should provide them with the last 4 years of state and federal tax returns.
If you are represented by an attorney then the attorney will generally complete this process of bankruptcy filing for you, ensuring that the assigned trustee receives your tax returns.
Following your bankruptcy case you will have a 341 hearing schedule. You will need to attend the 341 hearing and bring proof of social security and identification. The trustee will ask you questions pertaining to the documents and schedules that you have filed with the court.
If you are represented by an attorney the attorney will most likely be present with you at the 341 hearing. The attorney will walk you through the steps of your 341 hearing and should answer any questions or concerns you have about the 341 Hearing.
You will need to complete a second Debtor Education class after you file your bankruptcy petition and documents. Once the class is completed you will need to file a B23 form with the court that indicates that you have completed an approved Debtor Education Class. You can find a list of approved Debtor Education classes online. The court will generally mail the B23 form you need to complete and file with the court to your home address.
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Article Source :
http://www.articleseen.com/Article_Tips on Filing for Bankruptcy in California_123732.aspx
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Author Resource :
To know more about Riverside California Bankruptcy Lawyer please browse Riverside California Bankruptcy Lawyer
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Keywords :
Riverside California Bankruptcy Lawyer, Riverside California Bankruptcy Attorney, Riverside California Bankruptcy Lawyers,
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