Warning Signs of Bankruptcy

 Bankruptcy Alternatives

 Benefits of Bankruptcy Proceedings

 Partly Protected Property

 Other Property

 Bankruptcy Schedules

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

Other Property

• 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

BANKRUPTCY

Alternatives   Options   Getting Started

Your Creditors   Your Trustee   Your Property

Effects of Bankruptcy   Checklist