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Short answer: The Statement of Financial Affairs (Official Form 107) is the part of a bankruptcy petition where the debtor reports income, payments, transfers, legal actions and business connections, mostly for set periods before filing. Work through it part by part, and cross-check income against W-2s, pay stubs and bank statements. By the Softotech bankruptcy
Short answer: A bankruptcy petition preparer is defined in 11 U.S.C. 110 as a person, other than the debtor’s attorney or the attorney’s directly supervised employee, who prepares a document for filing for pay. A paralegal who works for an attorney, under that attorney’s supervision, is treated differently from a preparer who serves debtors directly.
Short answer: The Chapter 7 means test starts with Form 122A-1, which reports current monthly income: the average monthly income from all sources over the six months before filing. Collect every pay stub and bank statement in that window first, then compare the result with the median income for the debtor’s state and household size.
Short answer: Outsourcing bankruptcy petition preparation means you send the client’s documents to an outside paralegal, who prepares the petition, schedules, means test and Statement of Financial Affairs in your software. You review, sign and file. It works best with a complete document package, a secure way to share files, and a clear list of