Submitted by Jen Jones on Wed, 08/04/2010 - 10:08am
Many see bankruptcy as a lonely journey into a new financial frontier; but in reality there are many people available to walk you down your new path to fiscal freedom, including family, friends, your trusted bankruptcy attorney, and, finally, the bankruptcy trustee.
Your bankruptcy trustee not only administrates your bankruptcy case, she is also the means to your bankruptcy end—the lynchpin to a fresh new start that only bankruptcy can provide. As such, if you want to feel the full benefits of your bankruptcy filing, it’s all too important to be conscientious about keeping your bankruptcy trustee content and cooperative.
So, you might be asking: how do I stay on my bankruptcy trustee’s good side?
Here are a few simple ways you can improve your chances at creating a “smooth sailing” situation with the trustee assigned to your fresh bankruptcy:
Continued Cooperation is the Key (and the Law)
It may sound obvious, but continuing to be cooperative with your bankruptcy trustee throughout your bankruptcy case is (1) the best way to keep your bankruptcy on track and (2) is required by bankruptcy law. By law, any failure to provide all of the requested documentation, forms, and records, with your bankruptcy trustee could result in the dismissal of your bankruptcy case.
Taking Care of Tax Requests
In terms of keeping records to keep your trustee happy, your most recent tax returns will be a good first step in doing the trick. Your bankruptcy trustee must inspect your tax records for information about the efficacy of your filing. Don’t have your tax returns to offer? Request a copy from the IRS so that your bankruptcy trustee can research your returns to authenticate your financial status and keep your bankruptcy moving forward. Your bankruptcy attorney will undoubtedly ask for your most recent returns before your case is filed, so be prepared.
Keep a Wealth of Income Records
In addition to keeping your tax returns at the ready, it also pays to provide your bankruptcy trustee with your most recent pay stubs from your job upon their request. If you, like many Americans in the current economic downturn, are unemployed without recent pay stubs to provide, your bankruptcy trustee can also use a record of unemployment benefits, alimony and other spousal support, and disability benefits. If you own your own business or are otherwise self-employed, be prepared to provide bank or financial statements showing income and profits from your endeavors.
If the current economic situation took its toll on your marriage and you are recently divorced, it’s important to present your bankruptcy trustee with records illustrating divisions or liquidations in your marital assets. You bankruptcy attorney can help you navigate this process, determining the hows, whens and whys of presenting divorce-related windfalls during the bankruptcy process. Keep in mind though, once you have filed for bankruptcy transparency with your trustee is a must.
Accumulating Asset Records
If you’ve sold or otherwise transferred property or other assets to another person or company within a year before filing bankruptcy, your bankruptcy trustee can request records that attest to the transfer. Having these records at the ready will be another way to keep your bankruptcy trustee happy and working toward your financial goals.
As mentioned, knowing a qualified bankruptcy attorney is the first best step to not only face your financial fears but also address the needs of your bankruptcy trustee, yielding—all with the right kinds of support, information and insights—at a low cost— for a viable and secure future. The bankruptcy experts at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to +1-833-627-0115, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.
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