Questions to Expect During the Bankruptcy Process

If you are struggling with a significant amount of debt you cannot repay, you may have already considered filing bankruptcy. Bankruptcy can give you a fresh financial slate and help you get back on your feet. Still, filing bankruptcy can seem overwhelming, particularly if you have never been through the process before. To file bankruptcy you must meet certain requirements, and you will be asked a number of questions regarding your finances and spending habits. Below, our Orlando bankruptcy lawyer outlines some of the questions you can expect.

Questions Regarding Your Income 

One of the first steps your bankruptcy lawyer will take is to review your earnings and other income, and whether you have the necessary documentation to corroborate your claims. The amount of disposable income you have after paying your rent or mortgage, utilities, and other expenses, will greatly impact how your bankruptcy case is handled. You can expect questions regarding how much you earn, how often you are paid, and if you have pay stubs, bank statements, and other documentation to prove it.

Questions Regarding Your Property 

Your property is also another important factor in bankruptcy cases. You must provide full disclosure regarding all of the property you own. Depending on which type of bankruptcy you are filing, some of your property may be sold to try and repay some of the debt. If it is discovered that you attempted to hide property to protect it from liquidation, or for any other reason, you could be charged with bankruptcy fraud. The questions you can expect regarding your property are as follows:

• What property, such as a home or vehicle, do you own?
• Are there any accounts or assets you have not disclosed?
• In the past few years, have you gifted or transferred any property that could be seen as an attempt to ‘hide’ them?

Questions Regarding Your Debt

 Bankruptcy is a process that helps you eliminate or restructure your debt and so, you can expect questions about it. You will need as much information about your debt as possible and provide documentation pertaining to it. These will include:

• What type of debt do you owe, such as secured and unsecured?
• Can you provide a summary of each debt?
• Do you owe priority debt, such as tax debt?
• Do you owe non-dischargeable debt, such as child support?
• What is the current repayment status on the debt?
• How long would it take you to repay the debt?
• For what reason was the debt incurred?

Our Bankruptcy Lawyer in Orlando Can Answer Your Questions

 You will be asked many questions during the bankruptcy process. However, you will also have many of your own you need answers to. At Anderson & Ferrin, P.A., our Orlando bankruptcy lawyer can provide the answers you need and guide you through the process so you obtain the most favorable outcome. Call us today at 407-412-7041 or fill out our online form to schedule a consultation with our experienced attorney and to learn more about how we can help with your case.

Source:

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