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Hub You - Bankruptcy Petition Drafting Tips for Schedule A
Unless you're running a stolen car warehouse or are the chief priest of a notorious cult society or are involved in illegitimate business, you need an outdoor sign for your business. You must understand that businesses now days exist in a highly competitive environment and in such an environment, you need your business to communicate - at least its existence - to the public at large, in a cost-effective manner.And the most cost-effective and efficient way of communicating about the existence of y
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WARNING: This information is not to be used by non-attorneys to prepare bankruptcy petitions for the general public. The information is solely intended to train legal professionals working under the direction of licensed bankruptcy attorneys. --------------------------------------- 1. If the county courthouse where the debtor(s) are filing bankruptcy is online, you will need to run a Lien Search for every piece of real estate the debtor(s) own. The lienholder information will also tell you if there are any foreclosures or judgment liens on the property which will need to be added to the debt sheets and/or asset pages.
2. If the debtor(s) are behind in their mortgage payments be sure to alert the attorney at once. If the debtor(s) are filing a Chapter 7 they may be required to catch up all the back payments before their bankruptcy can be discharged. If the debtor(s) are filing a Chapter 13, the back payments (also known as “arrears”) will need to be included inside the Chapter 13 plan so they can be paid in full.
3. To determine how many months are left to pay off a secure debt, divide the regular monthly payment by the total balance still owed. For example: $45,000 is the total balance owed. The monthly payment is $1,200. Therefore, $45,000 divided by $1,200 = 37.5. Round up the number to 38 and this is number of months you enter into your bankruptcy software on Schedule A under the FORM 22
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WARNING: This information is not to be used by non-attorneys to prepare bankruptcy petitions for the general public. The information is solely intended to train legal professionals working under the direction of licensed bankruptcy attorneys. --------------------------------------- 1. If the county courthouse where the debtor(s) are filing bankruptcy is online, you will need to run a Lien Search for every piece of real estate the debtor(s) own. The lienholder information will also tell you if there are any foreclosures or judgment liens on the property which will need to be added to the debt sheets and/or asset pages.
2. If the debtor(s) are behind in their mortgage payments be sure to alert the attorney at once. If the debtor(s) are filing a Chapter 7 they may be required to catch up all the back payments before their bankruptcy can be discharged. If the debtor(s) are filing a Chapter 13, the back payments (also known as “arrears”) will need to be included inside the Chapter 13 plan so they can be paid in full.
3. To determine how many months are left to pay off a secure debt, divide the regular monthly payment by the total balance still owed. For example: $45,000 is the total balance owed. The monthly payment is $1,200. Therefore, $45,000 divided by $1,200 = 37.5. Round up the number to 38 and this is number of months you enter into your bankruptcy software on Schedule A under the FORM 2
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2. If the debtor(s) are behind in their mortgage payments be sure to alert the attorney at once. If the debtor(s) are filing a Chapter 7 they may be required to catch up all the back payments before their bankruptcy can be discharged. If the debtor(s) are filing a Chapter 13, the back payments (also known as “arrears”) will need to be included inside the Chapter 13 plan so they can be paid in full.
3. To determine how many months are left to pay off a secure debt, divide the regular monthly payment by the total balance still owed. For example: $45,000 is the total balance owed. The monthly payment is $1,200. Therefore, $45,000 divided by $1,200 = 37.5. Round up the number to 38 and this is number of months you enter into your bankruptcy software on Schedule A under the FORM 2
As an entrepreneur, information is the base of all profits. Knowing how to get the right information about your projects and doing it quietly is like money in the bank.1) Networking is number one on the list. A good working relationship with a selection of peers can really help in finding and assessing projects. It takes time to develop a good network of hand picked people that you commonly keep contact with. Trust is a big issue but more importantly quality of positioning is more of an issue. By
3. To determine how many months are left to pay off a secure debt, divide the regular monthly payment by the total balance still owed. For example: $45,000 is the total balance owed. The monthly payment is $1,200. Therefore, $45,000 divided by $1,200 = 37.5. Round up the number to 38 and this is number of months you enter into your bankruptcy software on Schedule A under the FORM 2
Looking for a car, be it a brand new model or a pre-loved car with one or more previous owners, you do compare the many features of the vehicle. Yet when insuring your car, many times this is the last thing you would think of doing. Yes, you make sure you ask what is the cost of insuring the particular car you are about to buy. The savings on premiums offered for low-cost policies could also influence you.Yet, you could be paying more in the long term.When You Are LiableHow these
4. Be sure to check the Appraisal Date for any piece of real estate. If the property has not been appraised within the last 12 months you should alert your attorney at once. Your attorney may order the debtor(s) to get an appraisal or the attorney may direct you to call a real estate agent and get the appraisal. In the meantime, make a note on your Attorney Cover Sheet to let the attorney know the amount will need to be changed to a more current market value when it is obtained from the appraiser.
5. Make sure you notice the Type of real estate the property is. Do not assume real estate is the home the debtor(s) reside in. For example, if the real estate is rental property, that property normally generates a rental income for the debtor(s). This information MUST be included as additional income under Item #1 of the Statement of Affairs as well as on Schedule I of the bankruptcy petition.
6. If the debtor(s) own a mobile home, make sure you find out if the mobile home has had the wheels removed or not. If so, the mobile home should be listed as real property on Schedule A. If not, the mobile home is recorded in the same manner as other Motor Vehicles on Schedule B.
7. On the Date Incurred line within your bankruptcy software make sure you include the Monthly Payment and the total amount of monthly Arrearages. This information will ultimately appear on Schedule D when the bankruptcy pet
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