When a Chapter 7 bankruptcy is filed there are two tracks the bankruptcy can follow. Track one is when the debtor will be relieved of the burden of the estate's debts and left with sufficient assets to make a fresh start. The second track is collection, liquidation and distribution to creditors of whatever property is available. After the petition is filed the automatic stay is effective. Automatic stay stops creditors from collecting a debt from the debtor. It is also important for the debtor to be aware of the other chapters that he or she can file in such as Chapter 11 or 13.
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To file a bankruptcy case the following information must be provided: Full name and all names used in the past six years; Social security number; Current address and all addresses used in the past six years; Occupation, employer, pay rate and all sources of income; Name, relationship and age of dependents; Description of all property; Description of all litigation involving the debtor; Description of property given away or sold in the last year; List of all property lost to a disaster and all insurance claims; Federal, state and city income taxes for the past two years; All creditors owed and the amount. Also, any collateral information must be provided; Details for any past bankruptcy; All monthly expenses; Value of all property; Description of all secured property.
After the petition is filed there are several steps that must be followed. Independent paralegals provide a valuable role during a bankruptcy. A paralegal can be the bankruptcy petition preparer. The preparer is a person that prepares a petition or other documents in the bankruptcy case for money. As a paralegal if I was unable to assist the client I would refer an attorney. An honest paralegal will tell a client when he or she is unable to assist him or her.
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