If you have questions, or would like a free consultation to help you decide if bankruptcy is the right step for you, please phone our office at 423-634-2277. We are here to help.

What to bring

Identification:

• Driver's license or state identification card with your photo and current address.
• Social Security card.

Income Information:

• Paystubs for the last six months, showing year-to-date and withholding detail. Your payroll office should be able to provide you this information. We need your spouse's income information as well, even if you are filing alone.
• Tax returns and all W-2 Forms for the past two years. At minimum, we must have a signed copy of your most recent tax return (usually the first two pages of Form 1040) at least two weeks before your meeting of creditors.

Financial Information:

• Bills, statements, invoices; everything you have received from creditors, not a list of what you owe, although if you do not have the actual bills, a list is acceptable for the bills you are missing. In that case, list the name and address of the creditor, your account number, and the balance due.
• Information about your vehicle(s): year, make, model, mileage, condition and proof of insurance if you have loan(s). The proof of insurance must list your coverage and show the lien holder as loss payee. We must have proper proof of insurance on all vehicles with a lien before your meeting of creditors.
• Mortgage statements, if any, including your payment amount and the balance of the account.
• Eviction notices, judgments, notices of garnishment; anything from any court, attorney or collection agency.
• If you have a credit report, please bring it. We can also obtain one for you at an additional cost if deemed necessary.

Other:

• Certificate of completion of a consumer credit pre-bankruptcy counseling course. This is a Federal mandate and necessary for filing a bankruptcy.

General Bankruptcy Information

At the Law Offices of Lloyd Stanley we provide our clients with the information needed to make an informed decision about their financial situation. We believe filing bankruptcy can be a positive solution, allowing you to regain control of your finances with dignity, and lessen or eliminate stressful financial problems.

We will help you decide what Chapter of the Bankruptcy Code will best suit your needs. Further information is available below and you are always welcome to phone our office at 423-634-2277 with questions or for a free consultation.

The primary purposes of the bankruptcy law are to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and to repay creditors in an orderly manner to the extent that the debtor has income or property available for payment.

Chapter 13 bankruptcy, or "wage earner bankruptcy" is designed for individuals with regular income who desire to pay their debts but are currently unable to do so. You can usually keep your property, but you must agree to pay part of your income to your creditors. The court must approve your repayment plan and your budget. A trustee is appointed and will collect the payments from you, pay your creditors, and make sure you live up to the terms of your repayment plan. The court costs to file a Chapter 13 plan are $274.00. Attorney fees vary, and cannot be set without a free initial consultation. It is possible, but not always recommended, to include all these costs in your Chapter 13 plan so you do not have to come up with any cash upfront other than the small amount necessary for consumer credit counseling. More information.

Chapter 7 bankruptcy, or "straight bankruptcy," does not involve the filing of a plan of repayment as in Chapter 13. You may be able to keep some property. A trustee is appointed to take over all property you do not keep. This is sold to pay your creditors. The court costs to file a Chapter 7 plan are $299.00, and must typically be paid in cash before your plan is filed. Attorney fees vary, and cannot be set without a free initial consultation. Typically, attorney fees must also be paid in cash before your Chapter 7 plan is filed. A payment plan and Promissory Note may be possible on a case-to-case basis. More information.

Also available are Chapter 11, primarily used by businesses for reorganization, and Chapter 12, which is for family farmers and fishermen.

Click here for information on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

If you would like more information, please phone our office at 423-634-2277 for a free consultation and put our experience to work for you.