New to Bankruptcy
Hello and thanks in advance for the helpful info. My husband & I are preparing to file Chap 7 and just had a few questions. Do they go by debt ratio or how much money you have left after bills on whether you approve for chap 7 or 13? If your lawyer thinks there will be no problem with chap 7, are they usually correct? Once you file, how long does the complete procedure take? and lastly, ( for now) what are somes documents you have to take to court,,,ex how many months of bank statements, years af tax returns, etc?.............thanks.........we are hopefull!!!!
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Pretty much they look at debt-to-income ratio. If you're having to pay out enough per month on your bills that you have little or no money left to work with, you're a shoe-in. I'm sure your lawyer would not give you false hope. If he told you he believes you qualify for a Ch 7, I bet he's right.
I only had to have the past 6 months' pay stubs and the most recent year's income tax return. Bank accounts were a non-issue with me because they were closed due to overdraft!!
Good luck!
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Dawn, Thanks for the info,,it's kind of scary going into it, but this site has relieved alot of my fears..............Comment
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