Bankruptcy FAQs

If you are gearing up to file for bankruptcy because you are facing overwhelming debts and can no longer pay your bills, there is a very good chance you are now seeking more information regarding the bankruptcy process. Unfortunately, bankruptcy can be quite complicated, and almost always seems overwhelming at first. However, below, our firm has prepared a list of frequently asked questions regarding the bankruptcy process. Please read on and reach out to our experienced firm to learn more about how we can help you find your safe harbor. Here are some of the questions you may have:

Do I have to list all creditors?

Yes, you must. If you do not list all your debts, as well as the name and address of the creditors, you are violating the law.

What happens if I do not produce all my tax returns before and after bankruptcy?

Rather simply, if you do not provide the trustee with copies of your federal tax returns from the year prior to filing, as well as any filed during the case, you will most likely have your bankruptcy case dropped altogether. Do not let this happen.

What information should I take with me to consult with a bankruptcy attorney?

There are several documents you must take with you when meeting with your bankruptcy attorney so he can obtain a full picture of your financial situation. These documents can include all bills and letters from collection agencies, all lawsuit or pleadings you have received, appraisals of your home, jewelry, and other assets, life insurance policies, income tax returns from the past two years, deeds to all real estate you own, and titles for all cars and other motor vehicles you own.

What forms will I need to file in Chapter 7 bankruptcy?

Your attorney will prepare and file the following forms: a list of creditors, the bankruptcy petition, a list of all assets and liabilities, a statement of your financial affairs, copies of your pay stubs, your current income and expenditures, an analysis of the means test, and more.

Do all debts get discharged?

When a debt is discharged, it means you are no longer obligated to pay that debt. However, certain debts, such as student loans, restitution for a criminal sentence, debts for income and property taxes, and alimony, as well as child support debts are generally not discharged.

Contact our experienced New York firm

Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.