Bankruptcy Filing
and Required Financial Information
As part of the 2005
Bankruptcy Abuse Prevention and Consumer Protection Act, debtors are now
required to file with the court as part of the bankruptcy filing:
-
The Certificate of
Completing the Credit Counseling briefing as well as a budget analysis
prepared during the
credit counseling briefing.
-
Current Monthly
Income and
means test
calculation.
-
Copies of all of
debtors’ payment advices (or other evidence) for the sixty days before
filing. "Payment advice" includes pay stubs and other proof of the
payment of wages, earnings, commissions, etc. Under local rules of the
Bankruptcy Court for Arizona, a debtor may file, in lieu of payment
advices, a declaration of attaching of no payment advices.
-
A statement of
monthly net income and how it was calculated.
-
A statement showing
any reasonably anticipated increases in income and/or expenditures for
the 12 months after filing.
-
A record of
any interest that the debtor holds in an education IRA or state tuition
program.
-
At the request of
the court, the trustee or any party in interest, debtors are to file at
the same time as filing with the taxing authority a copy of their
federal tax return filed after the commencement of the case as well as a
sworn statement of income and expenditures.
Additionally, there
are changes to the statement of financial affairs. As to question 3,
"Payments to Creditors," the ninety-day period prior to filing is
distinguished between consumer debtors and non-consumer debtors. Question
10 extends to two years any transfers outside of the ordinary course and
to ten years any transfers to a self-settled trust or the like.
Finally,
several of the amendments heighten the debtor's attorney's responsibility
for providing accurate information in preparation of the debtor's filing.
As a result, most debtors’ attorneys will require additional financial
information from the debtors. Additionally, debtors’ attorneys will be
conducting additional independent research, including Internet databases
on vehicles and real property.
This is part of the
list of the document that I require (I also suggest that my clients make
two copies, as the bankruptcy trustee will request copies of the same
documents):
-
six months of pay
stubs (the most recent)
-
any other
documentation as to income for the past six months (obliged to file
sixty days worth), including IRA or pension withdrawals, gifts, lottery
winnings and like items.
-
your six most recent
bank statements (from all accounts)
-
tax returns for the
two prior years
-
documentation as to
cash value of life insurance policies
-
IRA, 401(k) and
other pension reports for the past year
-
the deeds to your
house and other real estate that you own, including timeshares
-
the titles to your
cars
-
declaration pages
for your auto and homeowner insurance policies
-
divorce settlements,
separation agreements and child support orders
-
certified copy of
child support payment history
-
any documentation
regarding a personal injury claim or other claim where you expect to
receive a money award
-
copies of any
lawsuit to which you are a party
-
mail received from
creditors for the past 90 days (obliged to use any address received
within 90 days of filing
-
Certificate of
Attending Credit Counseling
My list contains
the warning:
YOUR FAILURE TO PROVIDE ME WITH ANY OF THESE DOCUMENTS WILL DELAY THE
FILING OF YOUR BANKRUPTCY. |
