Documents and Information Required for Filing a Chapter 7

The BAPCPA, or Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, was passed in order to protect both consumers and creditors as well as discourage the filing of unwarranted bankruptcies. This legislation carried stricter qualifying requirements where filing a Chapter 7 for Florida bankruptcy is concerned, and Clark & Washington is thoroughly familiar with the changes and new requirements. The following is a list of the current documents and information that is required for filing a Chapter 7.

Credit Counseling Certificate

Before filing a Chapter 7, you need to obtain a Credit Counseling Certificate. The class that you need to attend for this costs no more than $50 and lasts no longer than 90 minutes. Additionally, the course needs to be completed within 180 days of your Chapter 7 filing.

Listing of all Debts

You will need to create a list of all monthly expenses inclusive of family members or friends who have loaned you money, your creditors, and any lien holders. If you are in doubt as to whether or not you have listed everything, the easiest way to compile this list is to obtain a copy of your credit report from Equifax, Experian, or Trans Union. You should request copies from each as there could be different debts listed on each one.

Proof of Income and Monthly Expenses

Another requirement is documentation which proves your income and monthly expenses inclusive of:

• 7 months of pay stubs
• Income statements
• The last two years of income tax returns

In addition to proving your income, these documents are also used in the qualification process by virtue of the Means Test. Along with your income documentation, you must also provide proof of your monthly expenses.

Asset Value Documentation

You are also required to provide documentation and information regarding the value of all assets. Be careful to value them at their current worth, not what you had paid for them originally. Hiring an appraiser to ascertain the value of your assets is your best course of action and will save you a lot of time. In any event, you must be able to prove that these are priced at “fair market” value.

Being a Party to a Pending Lawsuit

As mid-Florida’s largest bankruptcy filer, your Clark & Washington attorney will need to know if you have been a party in a lawsuit within the past year or are currently a party to a pending one. The current status of these is also need-to-know information where the bankruptcy court is concerned.