After a divorce, lengthy illness or a period of long-term unemployment it is fairly common to find yourself facing a mountain of debt and feeling like there is no way out. One option that is available to those who find themselves in this position is to talk to a San Fernando Valley bankruptcy lawyer. Oftentimes, people wait until they have been notified they are being sued by a creditor or they are simply tired of harassing phone calls from creditors but, this is not necessary. There is no shame in filing for bankruptcy and it may be exactly what you need to consider to get your financial life back on track.
Understanding the documents needed
Attorney Scott D. Olsen often finds his clients do not understand what documents are necessary to file a petition for bankruptcy. Generally, the more information a client can provide, the easier our task will be. For example, it is helpful to have:
- Current pay information – a current list of all household income including pay, child support, retirement income, etc.
- List of assets – all assets including bank accounts, life insurance policies and retirement plans must be disclosed on a schedule of assets.
- Creditors list - names, addresses and account numbers of all creditors to file a schedule of debts. Even credit cards or accounts that are current should be included. It is also helpful to know when the last payment has been made on all accounts if possible.
The bankruptcy process
As Attorney Scott D. Olsen explains, there are two chapters of bankruptcy which may be considered. Chapter 7 is a complete elimination of all consumer debt that is not affirmed in the process while Chapter 13 is a reorganization of debt. Chapter 7 requires us to do a “means test” which shows the court how much money a person has to repay debt. If a means test fails, then Chapter 13 requires us to put a plan in to demonstrate how the debt will be repaid.
As a San Fernando Valley bankruptcy lawyer, I am committed to helping my clients get back on their feet financially. Whether we file for Chapter 7 or Chapter 13, I’m more than happy to work with you through the entire process. I offer a payment plan for those clients who are unable to pay my fee in full.
If you are facing overwhelming debt and cannot determine how best to deal with it, feel free to call me, Attorney Scott D. Olsen. I’ve been helping people for many years file bankruptcy and get a fresh financial start. Let today be the day you decide to take control of your finances and start fresh.