The information in this article only serves to increase the skills of paralegals and other legal staff who are employed virtually or practically non-bankruptcy lawyers. This information is not in a law school or paralegal training. If you have a bankruptcy lawyer and wish to train your entire staff, call 713Training.Com LLC at 614.875.4496.
WARNING: This information is not intended for use by non-lawyers to prepare bankruptcy petitions for the general public. The information is exclusively for the training of lawyers, under the direction of licensed bankruptcy attorneys.
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1. If the county court if the debtor (s) are filing bankruptcy is online, you must create a link to search every piece of real estate of the debtor (s) own. The lienholder information will also tell you if there are any liens Foreclosure verdict or on the property, which must be added, the debt sheets and / or asset pages.
2. If the debtor (s) behind their mortgage payments be sure to appoint a lawyer at once. If the debtor (s) are filing a Chapter 7, they can view all back payments before their bankruptcy can be. If the debtor (s) are filing a Chapter 13, the withholding of payments (also known as "late") must be within the Chapter 13 plan, they may be paid in full.
3. To determine how many months worth a secure debt, divide the regular monthly payment by the balance sheet still owed. For example: $ 45,000 Total assets is the opposite. The monthly payment is $ 1,200. Therefore, $ 45,000 divided by $ 1,200 = 37.5. Round the number to 38, and this is the number of months, you enter into your bankruptcy software on Schedule A in the form of means-tested 22 tab.
4. Make sure that the assessment date for pieces of real estate. If the property has not been tested in the last 12 months you should alert your attorney at once. Your lawyer may be the debtor (s) to an assessment or the lawyer can work with you, a real estate agency and assessment. In the meantime, make a note on your attorney cover so that the attorney know the amount to be changed to a current market value, if it from the experts.
5. Make sure that you understand the nature of the property is located in the property. Do not assume real estate is the home of the debtor (s) reside in. For example, if the real estate rental property, the property usually a rental income for the debtor (s). This information must be regarded as additional income under Item 1 of the Statement of Affairs as well as Annex I of the bankruptcy petition.
6. If the debtor (s) a caravan, make sure you find out if the camper has the wheels removed or not. If yes, mobile home as real estate should be on schedule A. If not, the mobile home is in the same manner as other vehicles on Schedule B.
7. On the day Incurred within your bankruptcy software make sure that the monthly payment and the amount of monthly Arrearages. This information is ultimately on Schedule D when the bankruptcy petition completed.
Here is an example: 10/2003, Mnthly Pymt = $ 960.55, delay: 2 mnths
This information for every secure debt you can use the information available when completing the means test as well, if the debtor (s) to Chapter 13 In addition, including the monthly payment and debt information will also enable the debt to be easily cross-referenced and identified. For example, a mortgage in the amount of $ 960.55 is also within the framework of the monthly expenditure of Annex J, and under item 3 (a) the Statement of Affairs if the debtor (s) during the last three (3) months.
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Victoria Ring is a Certified Paralegal and Bankruptcy Specialist. She has a whole series of training courses and holds several seminars per year in drafting bankruptcy petitions. Your training material was sent by NALS for 7 CLE credits. In addition, Victoria Ring provides voice and in-house training for bankruptcy law firms. Visit their website at http://www.713training.com
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