Chapter 7 Bankruptcy - Mandatory Requirements

Yesterday we discussed the documentation that is required from a debtor prior to filing bankruptcy. This documentation includes paystubs, tax returns, and completion of the pre-filing credit counseling course. Today, we discuss two other major requirements prior to filing a Chapter 7 bankruptcy: paying your attorney fees in full and a review of your completed bankruptcy petition with your attorney.

In Chapter 7 Bankruptcy, it is required that attorneys be paid in full before they file a case. Otherwise, the bankruptcy attorney's outstanding fees are technically included as an unsecured debt in your bankruptcy and are thus discharged. Also remember that in addition to attorney fees, there are some administration costs charged by the courts for filing your case.

When you have completed all the other requirements, your bankruptcy petition will then be completed and you will need to review that petition with your attorney prior to filing. Your attorney will have prepared this petition based upon the information and disclosures that you provided. At the appointment to review your petition, you will need to verify that everything in that petition is true and correct to ensure that all assets and all liabilities are included. You will want to double check to ensure that all of your creditors are listed in that particular schedule and that your intentions on secured property are listed as well. This is an important step, so it is in your best interest to ensure that the information is accurate.