Statement
Mandated by Section 527 (b) of the
Bankruptcy Code
IMPORTANT INFORMATION ABOUT BANKRUPTCY
ASSISTANCE SERVICES
If you decide to seek bankruptcy relief, you
can represent yourself, you can hire an
attorney to represent you, or you can get
help in some localities from a bankruptcy
petition preparer who is not an attorney.
THE LAW REQUIRES AN ATTORNEY OR BANKRUPTCY
PETITION PREPARER TO GIVE YOU A WRITTEN
CONTRACT SPECIFYING WHAT THE ATTORNEY OR
BANKRUPTCY PETITION PREPARER WILL DO FOR YOU
AND HOW MUCH IT WILL COST. Ask to see the
contract before you hire anyone.
The following information helps you
understand what must be done in a routine
bankruptcy case to help you evaluate how
much service you need. Although bankruptcy
can be complex, many cases are routine.
Before filing a bankruptcy case, either you
or your attorney should analyze your
eligibility for different forms of debt
relief available under the Bankruptcy Code
and which form of relief is most likely to
be beneficial for you. Be sure you
understand the relief you can obtain and its
limitations. To file a bankruptcy case,
documents called a Petition, Schedules and
Statement of Financial Affairs, as well as
in some cases a Statement of Intention need
to be prepared correctly and filed with the
bankruptcy court. You will have to pay a
filing fee to the bankruptcy court. Once
your case starts, you will have to attend
the required first meeting of creditors
where you may be questioned by a court
official called a "trustee" and by
creditors.
If you choose to file a chapter 7 case, you
may be asked by a creditor to reaffirm a
debt. You may want help deciding whether to
do so. A creditor is not permitted to coerce
you into reaffirming your debts.
If you choose to file a chapter 13 case in
which you repay your creditors what you can
afford over 3 to 5 years, you may also want
help with preparing your chapter 13 plan and
with the confirmation hearing on your plan
which will e before a bankruptcy judge.
If you select another type of relief under
the Bankruptcy Code or other than Chapter 7
or Chapter 13, you will want to find out
what should be done from someone familiar
with that type of relief.
Your bankruptcy case may also involve
litigation. You are generally permitted to
represent yourself in litigation in
bankruptcy court, but only attorneys, not
bankruptcy petition preparers, can give you
legal advice.
Notice to Clients Who Contemplate
Filing Bankruptcy
The purposes of this Notice and The
Statement Mandated by Section 527(b) of the
Bankruptcy Code, which you have been
provided as a separate document are to make
you aware of some of your obligation should
you file bankruptcy.
Note: This Notice and the Statement are
required by legislation adopted by Congress
in 2005, after intense lobbying by the
credit industry. In our opinion they are
designed to intimidate people who need debt
relief under the Bankruptcy Code, and are
base don the erroneous assumption that
debtors are dishonest. So long as you are
honest and meet the requirements set out
under the law, you are entitled to debt
relief. We can guide you through all the
requirements of filing bankruptcy, so long
as you provide us accurate and complete
information.
You are notified as follows:
1. All
information that you are required to provide
with your bankruptcy petition and thereafter
in your case is required to be complete,
accurate and truthful.
2. All your assets and all your liabilities are
required to be completely and accurately
disclosed in the documents filed to commence
your case. |
