What you should know, so that you can…
DO know Bankruptcy is a COMPLICATED area of law. Ask questions and make sure you feel comfortable – this is your case.
DO know that you are NOT alone. You may have heard that there has been a decline in Bankruptcy filings – and that is true, but in 2016 that still meant nearly 800,000 people were seeking relief from debt! Good, honest, hard-working people that were just looking for a fresh start, just like you. Not only that, when you hire our office, the bankruptcy attorneys at Walden & Pfannenstiel will be with you every step through every step of your case.
DO know that we are going to ASK you information. Bankruptcy is a Federal case and we need a fair amount of information in order to be able to prepare your case. We are NOT going to ask you for anything that we do not need! The sooner you are able to provide the information, the more organized and complete it is when returned – the quicker we are able to get your case filed and the automatic stay in place!
DO know that DISCLOSURE is key. When you are honest with your bankruptcy attorney she can represent you effectively (and ethically). She can help you protect assets and make sure that you get the best result from your bankruptcy case.
DO know that you MUST list ALL of your creditors in your case. We can’t leave off our favorite Dr. or a family member that needs to get repaid. They are a Creditor. We also must list those creditors that you must pay such as your taxes and child support (regardless if they will get paid during your case).
DO know that if you want to KEEP it – you need to Pay for it. Bankruptcy can get rid of a lot of debts – both unsecured and secured. However, if you are wanting to keep the items that are “securing” a debt – for example, a car, home, furniture, then you need to continue making those regular monthly payments. Bankruptcy does not allow you to keep something for free.
DO know that your taxes MUST be filed. Your case can be automatically dismissed if you have not filed all required State and Federal tax returns.
DO know that tax refunds are NOT exempt. We have a lot of great exemptions, but only some EIC can be exempted when it comes to tax refunds. As a result, the Trustee in your case can request that you turn over a portion of your refund to the Bankruptcy Estate. The amount that is turned over would then be used to pay your creditors. It is possible to adjust your withholdings prior to filing for Bankruptcy, but be careful not to owe. It is also possible to “spenddown” tax refunds after you have filed your taxes, but prior to filing for Bankruptcy. Make sure you talk to us before starting that process, so that it is done properly!
DO know we offer a FREE Bankruptcy Consultation. Contact us today!