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4 Important documents you need to file bankruptcy:

  1. Schedule of Assets & Liabilities
  2. List of Creditors – Do keep a list of companies and agencies that you owe money.
  3. Photo ID & Social Security Card
  4. Income & Expenses – Income & expenses document is a must.

Implications of the new bankruptcy law:

The new Bankruptcy Law effective since April20, 2005 demands action from debtors, including pre-filling consultations with an approved consumer credit counseling service that will further force consumers to pay their debts outside of bankruptcy.

Also, as the income-based "means-test" would determine whether debtors have the ability to pay back some of their debts or not and those who do not pass the means test would be forced into Chapter 13.

Trusts & Bankruptcy

The new bankruptcy law allows trustees to stop the debtors from collecting interest on assets protected by a trust if they are looking for ways to cheat creditors. This change in the new law is made in order to protect the interests of creditors.

Will or Trust, which way to go?

Wills and Trusts come under estate planning. Understanding the basics of estate planning will give you a fair idea of the mode of property transfer to your family. A will is a traditional document that’s commonly used for property transfer, and names beneficiaries who receive the property. But wills have to go through a process called probate, which is a court approval process. It’s often time consuming and complex. In contrast to a will, a living trust does not require probate and is easy to manage.

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