Bankruptcy
5/20/2009 1:56:36 PM EST
Collier Consumer Bankruptcy Practice Guide: Overview of Chapter 7 Bankruptcy - Initial Steps in Administration of a Chapter 7 Case
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1-1 Collier Consumer Bankruptcy Practice Guide P 1.03
Collier Consumer Bankruptcy Practice Guide
Copyright 2007, Matthew Bender & Company, Inc., a member of the LexisNexis Group.
CHAPTER 1 Overview of Chapter 7 Bankruptcy
1-1 Collier Consumer Bankruptcy Practice Guide P 1.03
P 1.03 Initial Steps in Administration of a Chapter 7 Case
The debtor is required to file schedules and a statement of financial affairs either with the petition or within a short time after the case is commenced, giving all parties necessary information about the debtor's circumstances.1 Additionally, the 2005 amendments to the Bankruptcy Code,2 require debtors, in most cases, to file a statement of current monthly income with pertinent means test calculations,3 a certificate regarding notice under section 342(b),4 records of payment from employment,5 a statement of monthly net income,6 a statement of anticipated increase in income or expenditures,7 and a certificate from the nonprofit budget and credit counseling agency that provided a briefing to the debtor describing the services the debtor received and a copy of a debt management plan, if such a plan was developed.8 An individual debtor is permitted to claim certain property of the estate as exempt pursuant to section 522(b).9 An individual debtor with secured consumer debts or personal property leases must also file a statement of intention with respect to such leases and the property securing those debts,10 and the debtor's attorney must in every case file a disclosure of attorney's fees paid or promised.11
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