How do I file for bankruptcy?
Answered by Lawyer James Wingfield in Worcester, MA on September 28, 2011
How do I file for bankruptcy? – Answered by Lawyer James Wingfield in Worcester, MA on September 28, 2011 - LawQA.comI'm losing my credit score because of late pays. My husband has been laid off for 2 years. There is no more savings left only a $50,000 a year income. Should I file for bankruptcy and if so, what are the first steps?
Based on your description it sounds like you should at least be considering bankruptcy. In Massachusetts, any household with an annual income of only $50,000.00 will qualify for a Chapter 7 case (based on the median income in Massachusetts as determined under the Means Test). Even so a Chapter 13 may be in your best interest if you have certain specific real estate situations. You should begin by finding a qualified bankruptcy attorney that you can trust. It is important to give your attorney all the necessary documents so that he or she may properly evaluate your situation. These documents include, but are not necessarily limited to, your credit reports, your federal tax returns (with all schedules, worksheets and supporting documents) for the past two tax years, your past six months of pay stubs, your past six months of bank statements, all collection letters, any statements regarding investment or retirement accounts, an appraisal or brokers price opinion for any real estate you have and a Kelly Blue Book report for any vehicles you own. Your attorney may want more information and other specific documents depending upon your situation. The sooner you pull these documents together the quicker you can get your case filed, so there is no time like the present to start pulling together the documents. To schedule a free consultation with a experienced bankruptcy attorney, call the Law Offices of James Wingfield at 508-797-0200 or visit the contact page on our website today.
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