A 10-Point Plan for Lawyers (Without Being Overwhelmed)
Many homes were lost in 2009 housing bubble to foreclosure that hurt several American families. There could have been a definite way to stop these foreclosures if people had known the use of Federal Bankruptcy Laws. By applying the Laws of Federal Bankruptcy, individuals will have the protection against those unscrupulous and greedy creditors. The concept of these laws may seem fairly straight forward to an ordinary citizen but the execution of these laws is rather an extremely complex one.
For the process to start, there is a four page ‘voluntary petition” that the person has the file at the District Couthouse. In the petition, you will be asked to put your basic information such as your name, address, phone, and financial information.
The second step is the filling out of “mailing matrix” where it will show the list of creditors who are holding on you collateral loans, using your real property, your home, your car, and others that are of value that you owe money on.
You will then make a statement of your social security number. For those who are filing to save their homes, they will file the Credit Counseling Certificates which will hold all collection actions, since this and the petition will make an “automatic stay” active.
After the above forms are filed, you then have 14 days to file other forms that are required, from schedule A to J forms.
Afterwards, you will fill up a Declaration Concerning Debtors Schedules, of which the information you declare will be under penalty of perjury swearing that these are all true and correct to the best of your knowledge.
Then you have to summarize the amounts of each schedule under the Summary of Schedules, and report your information under Statistical Summary of Certain Liabilities and related data.
Other forms to be completed are like an application to pay in installment basis your filing fee, making of a statement of financial affairs, and a Chapter 13 where your disposable income and commitment period will be calculated in reference to your current monthly income.
There is also the process of Debtors Certification of Completion of Post-Petition, and Amendment Cover Sheet, the Repayment Plan of Chapter 13, which is the most important part of the Bankruptcy Laws.
By undergoing the above processes, you will have the opportunity to stop your home from being foreclosed, and you can repay your debts over a period of time for minimal amounts of money.
If you want more information and specific solutions in your particular case, it is better to seek the help of a bankruptcy lawyer to assist you.