If you’re considering filing for chapter bankruptcy, then it is important to do your research ahead of time. Check out this overview of how to prepare for bankruptcy court.
What is Bankruptcy Court?
There is a bankruptcy court designated for each judicial district in the country. With one or more districts in each state, this totals to more than 90 bankruptcy districts across the country. The court official with the decision-making power is the United States bankruptcy judge, who decides any matter connected with a bankruptcy case. This includes eligibility to file and whether or not you should receive a discharge of debts.
How to Prepare
Your direct interaction with the bankruptcy court is often limited, as you usually only need to appear in court when an objection is raised. For the most part, formal proceedings in which you must appear are usually handled at the offices of the U.S. trustee rather than the bankruptcy court. However, in the event you do find yourself going to court, it is important to be prepared. Some of the best ways to prepare for bankruptcy court include:
- Review your non-exempt and exempt assets; this will help you determine whether you should file for Chapter 7 bankruptcy or Chapter 13 bankruptcy.
- Evaluate your income: if you have a full-time job with regular income, you probably will not be eligible for a Chapter 7 bankruptcy.
- Compile your financial records, including pay stubs, credit card and loan statements, tax returns, and any demand letters from collection agencies or creditors.
One of the best ways to prepare for bankruptcy court is to consult with a bankruptcy attorney. A bankruptcy lawyer will not only help you determine which bankruptcy code is right for you, but will also guide you through the filing and court preceding process.
Are you preparing for bankruptcy court? Let the professional bankruptcy lawyers with Cutler & Associates walk you through the filing process! Visit our website today to schedule a free consultation