Bankruptcy Checklist
Warning Signs of Bankruptcy
- Frequent calls from bill collectors
- Inability to pay bills
- Liens filed on your property
- Garnishment taken on your wages
- Foreclosure begins on your home
Bankruptcy Alternatives
- Asking creditors for time
- Seeking credit counseling
- Obtaining loan to pay bills
- Seeking bankruptcy liquidation (Chapter 7)
- Obtaining bankruptcy repayment plan (Chapter 13)
Benefits of Bankruptcy Proceedings
- Creditors may not phone you
- Garnishment stops
- Repossessions stop
- Interest charges stop
Debts that May Not Be Dischargeable
- Alimony
- Child support
- Educational loans
- Income taxes within 3 years
- Debts arising from drunken driving, willful and malicious injury or fraud
Partly Protected Property
- Primary residence
- Automobiles
- Household goods
- Bank accounts
- IRA/Pension plans
- Boat
- Jewelry Computers and electronic equipment
- Stocks and bonds
- Mutual funds
Bankruptcy Schedules
- List of real property
- List of personal property
- Property claimed as exempt
- Creditors holding secured claims
- Creditors holding unsecured priority claims
- Creditors holding unsecured nonpriority claims
- Executory contracts and unexpired leases
- Codebtors
- Current income of individual debtors
- Current expenditures of individual debtors
