Vernon Hills Bankruptcy Attorney Explains The Pre-Filing Requirement...

Timing is a critical thing when it comes to bankruptcy filings states Vernon Hills Bankruptcy Attorney.  Before a case can be filed, you must complete some pre-bankruptcy filing requirements.  First, you need to take a credit counseling session which is a one-hour session done on the computer or over the telephone with a credit counselor approved by the United States Bankruptcy Court.  Secondly, you are going to have to provide at least one year of your most recent federal tax returns.  Third, you have to provide two months’ worth of pay check stubs or other evidence of pay or income to your attorney.  After your bankruptcy case is filed, your attorney will send to the Chapter 7 trustee copies of your federal tax returns and pay check stubs. 

This requirement is for the Chapter 7 trustee to review the information that you provided to make sure it corroborate the information on your schedules.  The trustees want to make sure that if you state you are making a certain amount on your schedules that is in fact the truth.  By the same token, they want to see on the Statement of Financial Affairs that if you listed your income for the last three years, it should corroborate the information on your federal tax return. 

If you are having problems finding an attorney, do more research online.  You will be amazed at how much information is out there in terms of videos, articles, helpful tips, frequently asked questions surrounding the topic of bankruptcy.  Last year, there were over 1.4 million bankruptcy cases filed throughout the United States.  You will find people on the Internet talking about their experiences, how their case progressed and how their life has improved since filing bankruptcy.  

You can be just like the many people who have filed a Chapter 7 bankruptcy and have had success in their life with credit, with business, with relationships and with health.  You don’t have to feel that filing a bankruptcy is a death sentence.  In fact, filing bankruptcy might be the best thing you ever did to change your financial picture almost overnight.