How to prepare for a bankruptcy filing

May 2nd, 2008 by Questions

I`am in a financial situation where I will have to file for bankruptcy soon. No judgements/garnishments are there against me still so I have the time to do a little bit of preparation before filing.

My questions are:

1. How do you go about selecting a trustee? Is there any `trustee rating` system?

2. What documents are required when filing a bankruptcy? I don`t keep bank statements/pay stubs/receipts for more than a year.

3. To ease the process for my family I intend to send my wife and kids on a two month holiday back to our native country , I intend to be alone here when filing and any subsequent seizure of household assets by bailiffs etc. Will it be possible or is my wife`s presence required? Will my wife be required to answer any questions?

4. Is it more advantageous to file for bankruptcy later in the year rather than earlier to maximize the tax refund from the post bankruptcy return? I understand that the refund is mine.


One Response to “How to prepare for a bankruptcy filing”

, Barton Goth GCO Bankruptcy Trustees said:

In terms of selecting a trustee, there is no rating system, so you are left up to your own devices to decide. In my opinion the most important thing to do is to ensure you are comfortable with the trusee you contact as you will have to work with them to complete the bankruptcy process.

As for the documents you require from the sounds of it you have more statements / pay stubs / reciepts than most, so you don’t have to worry about collecting anything special.

I see no need for you to send your family away for the first 2 months, but it is obviously up to you. Typically speaking no ballifs come, no assets are lost, but practically speaking if your wife hasn’t signed on any of the debt there is nothing she is required to do.

Finally the tax refund, I think you are mistaken as typically the post bankruptcy refund is lost as such there is no point delaying as the tax consequences are the same.

From the sounds of it you need to contact local trustee and they will be able to review the reasons / details associated with the above answers.

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