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| Chapter 7 Bankruptcy Success - Requirements for Bankruptcy | |||
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Chapter 7 Success Lawyers Chicago - Requirements for Bankruptcy Requirements for BankruptcyWhat kind of new requirements or new hoops do debtors have to jump through to be eligible under the current law? There are a few hoops that they have to jump through. The first we can talk about I guess are what they call payment advices. For Chapter 7, you have to provide your last year of your income taxes. They’re going to look at that and they’re going to scrutinize it. Also, you have to submit sixty days of check stubs or other pay advices right before filing. So, that allows the bankruptcy trustee to be able to see what your income situation was sixty days before a case was filed; what your income situation really is. Okay, is this addressing possibly the fraud issue where someone might have the ability to repay their debt and their really just looking for an easy way out and they’re looking at the paycheck stubs to make sure that person falls below the state median income? Is that what it’s all about? They’re definitely trying to tighten that up. They checked before it just wasn’t scrutinized as much and as tightly as it is now. Now the hone is really on the bankruptcy attorney because that’s the person they’re going to be looking to and that’s why you need to go to a competent bankruptcy attorney. He needs to know what he’s doing to provide all these documents to the trustee because if those things aren’t provided, the debtor’s going to have a problem when they go in to try to get their discharge.
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| This website contains legal information, and not legal advice. It's content refers only to the law of the United States. | ||
| Law Offices of David M. Siegel Chicago, IL |
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| We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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