The Law Office of Chris D. Hefty
(970) 593-1016
1635 Foxtrail Dr. Suite 318
Loveland, CO, 80538
U.S.A
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Bankruptcy Requirements

Filing for bankruptcy can be a very stressful and confusing process, but this should not deter you from filing for bankruptcy if you are in financial trouble. An experienced, Colorado bankruptcy attorney could walk you through the process and make sure you are prepared.

Here is all of the documents and information you will need in order to prove you qualify for bankruptcy:

Means Test: Individuals seeking relief under bankruptcy law should submit to a test of their income to allow the court to determine whether they are eligible for relief under Chapter 7 or a repayment plan under Chapter 13.

Pay stubs: Individuals seeking relief under bankruptcy law must show the court evidence of all income received in the six months prior to filing the case. This evidence could include paycheck stubs, profit and loss statements from a business and/or bank statements showing deposits. You will be required to provide documentation of your income, and we will provide the appropriate disclosures to the court.

Tax returns: You should give immediate attention to the filing of all due tax returns that have not been filed. You will also be required to submit a signed copy of the last four years of your federal and state income tax returns to the trustee appointed in your case. If you do not have a copy of the returns, we will assist you in obtaining a transcript form the Internal Revenue Service.

Bankruptcy classes: The bankruptcy law requires you to participate and complete two bankruptcy classes. The first class is a credit briefing class that explains bankruptcy. Individuals seeking relief under bankruptcy law must submit to a credit briefing within 180 days prior to the filing of their case. Our office will assist you in registering and completing the credit briefing requirement. By law we cannot provide the service, and an outside agency must teach the class. After your case is filed, you will attend a Meeting of Creditors. When the Meeting of Creditors is completed, but before you can receive a discharge, you must attend a financial management course. There will be nominal costs you will be required to pay for the two bankruptcy classes.

Discharge: Congress has determined individuals seeking relief under bankruptcy law should be limited in the discharge of certain debts for domestic support, recent tax obligations, fraud, certain international torts–such as damages resulting from driving under the influence–and student loans. Some exceptions will apply. In addition, the intentional transfer of assets, destruction of records or false information provided to the bankruptcy court can result in both a loss of discharge and in some cases criminal sanctions.

For help with this process, contact The Law Office of Chris D. Hefty. I am an experienced Chapter 7 and 13 bankruptcy attorney and I can help you out, step by step. If you are in a troubling financial situation, do not be embarrassed or hesitant, and contact my Loveland or Fort Collins, Colorado office today.