Questions to Expect when Filing Bankruptcy

Filing bankruptcy can provide immense relief from the crushing debt you are currently finding difficult to manage. By obtaining a discharge or reorganizing your debt into a repayment plan that is more affordable, you can regain control of your finances and ultimately, your life. Before filing, there are many steps you should take to prepare. One of these is by understanding the different questions you will be asked so you can be prepared to answer them. Below, our Florida bankruptcy lawyer explains what these are.

Questions About the Bankruptcy Process 

There are some questions you will be asked about the bankruptcy process to ensure you understand it and have filed properly. These questions may include:

• After reviewing the bankruptcy petition, did you sign it?
• Did you review the bankruptcy information page?
• Have you previously filed bankruptcy?
• Have you taken the credit counseling course?

Questions Regarding Your Income

 One of the first things a bankruptcy lawyer will do is review the amount of income you earn and whether you can provide documentation proving your income. This can include previous pay stubs, tax returns, and bank statements showing your income being deposited into your account. The amount of disposable income you have after paying your monthly bills and other financial obligations is very significant in your bankruptcy case. It is important to know how much you earn, how often you are paid, and the type of documentation that proves your income.

Questions Regarding Your Assets 

The bankruptcy court will also ask you about the property you own to ensure it is accounted for throughout the bankruptcy process. The questions you may be asked are as follows:

• Do you own any real estate, vehicles, or other valuable property?
• Do you own any accounts or concealed assets that have not been disclosed?
• In the past few years, have you transferred any property that may be viewed as an attempt to conceal assets?
• Do you expect to receive an inheritance in the next six months?
• Do you own any investment accounts or stocks?
• Are you owed money?

Questions Regarding Your Debt

 Many of the questions you are asked will specifically relate to your debt. You will be asked what type of debt you have, whether it is secured or unsecured and whether it can be discharged during the bankruptcy process. For example, if you have gotten divorced and now owe child support or alimony, these types of debts cannot be discharged during bankruptcy. You will also be asked how you incurred the debt you are currently carrying.

Our Bankruptcy Lawyers in Florida Can Prepare You for the Process 

Facing the bankruptcy process is intimidating, particularly if you have never been through it before. At Nowack & Olson, PLLC, our Florida bankruptcy lawyers can guide you through it and help you prepare so you know what to expect at every stage. Contact us to schedule a consultation to learn more about how we can help with your case.

Source:

uscourts.gov/court-programs/bankruptcy/bankruptcy-basics