Important Notice to Business Clients and Tips for filing out information on your bankruptcy documents

PLEASE READ THIS ENTIRE PAGE BEFORE STARTING

1)  Rapid Import (also known as StopMyBills.com) is designed for the consumer, not the business debtor.  But, the information requested is the same for both, with only a few exceptions.  Our policy is to keep our client's fees to a minimum.  In order to accomplish this goal we ask our clients to enter data related to their situation.  Therefore, using an existing program to collect the data is the reason that your company's attorney fees are less than half what other experienced bankruptcy attorneys charge.  So, answer all questions as through you were your company.

2) The Bankruptcy Reform Act of 2005 requires that every Debtor provide a complete and accurate listing of all their assets and liabilities (debts).  Should you fail to provide reasonably correct information, then your bankruptcy case can be dismissed and the Court can impose sanctions, including criminal sanctions.

3)  All information on your bankruptcy documents must come from reliable sources.  You will be asked to determine the value of your assets.  It is your responsibility to obtain these values, so do you best.

4)    DEBTS: The Bankruptcy Code requires that you list specific information about each and every one of the company's creditors (those that are owed money to or have a contract).  There are two types of creditors: (1) Secured creditors have liens on real or personal property (like a mortgage on your home, or lien on your car)  (2) Unsecured creditors such as credit cards, student loans, personal loans, or medical bills. Each entry for a creditor and/or collection company/attorney must include the following:
    a)    balance due at this time
    b)    their account number.  Be aware that the collection company's account number may differ from the original creditor's.
    c)    the type of debt (mortgage, credit card, personal loan, etc).
    d)    any and all addresses that you can find for every creditor, collection company, attorney, etc.  This includes the correspondence and payment addresses, plus any others on any correspondence or statement.
    e)    the date the debt was incurred (the date you opened the credit card, or took at the loan)
    f)     whether or not someone else is also responsible for the debt (co-debtor - most likely you personally guaranteed this debt)
    g)    whether or not to dispute the debt (feel that your company does not owe it).

VERY, VERY IMPORTANT: THE LAW REQUIRES THAT YOU USE ALL ADDRESSES AND ACCOUNT NUMBERS ON ANY STATEMENTS/BILLS/CORRESPONDENCE RECEIVED FROM THE CREDITORS OR THEIR COLLECTION COMPANIES IN THE LAST 90 DAYS AND/OR AVAILABLE FROM ANY OTHER SOURCE (CREDIT REPORT, MAIL OLDER THAN 90 DAYS, PHONE BOOK, OR INTERNET).  If you do not, then the creditor's debt may not be erased as part of your company's bankruptcy.  After listing the addresses from the statements/bills, then list all creditors or collection companies you can find from any other source.  It is very important that you list the correct addresses for all your company's creditors and collection companies.  If we are given a wrong address then the Post Office will return the bankruptcy notice to me.  I will then return it to you.  You must then obtain a better address, send it to us, we then file it with the Bankruptcy Court.  Of course, this office and the Court will charge a fee for that amendment.  If the creditor does not receive notice of your bankruptcy, then they are able to sue your company after the bankruptcy is completed.   Use the Internet, prior mail and phone calls to confirm or obtain these addresses.

Entering the data Using Rapid Import

All data sent and received is encrypted using 128-bit SSI, the highest level of encryption that US export law allows.  Therefore, this is a secure web site - your answers will only be accessible by our office. 

1)      Make sure you are using your company's correct taxpayer number.  DO NO USE YOUR PERSONAL SOCIAL SECURITY NUMBER, UNLESS YOU ARE OPERATING A SOLE PROPRIETORSHIP.  When you log in the Rapid Import program indexes all your information using this taxpayer number.

2)      You do not need to fill out all the information at one sitting.  You can log out and later go back to complete the form.  Make sure to return through my web site: http://www.dianedrain.com.  Again – be careful that you use the same taxpayer number used on your first visit, otherwise you will not be able to retrieve the data entered earlier.

3)      Real Property – this means land, home, buildings, time-shares and the like.  Make sure to identify the property.  For example: your  store front would be identified as 2.3 acres, single story, zoned C-1.  List the year and month you purchased the property.

4)      Personal property – everything that is not real property.

a.   Fixtures, goods, equipment or furnishings.  Group similar items together in the data entry box.  Value the items in the data entry box based on the price you may receive at park-n-swap.

b.   Vehicles: list resale value, based on current condition.

c.   Accounts Receivable.

d.   Insurance policies – list those that have cash surrender value (e.g. you can borrow against the policy).

e.   Cash on hand and cash in bank accounts.

5)      Creditors:  There are two types of creditors.  (1) Secured creditors have liens on real or personal property (like a mortgage on your home, or lien on your car)  (2) Unsecured creditors such as credit cards, student loans, personal loans, or medical bills.  Examples of unsecured creditors are credit cards, personal loans, leases or professional services.

You will need the following information for each of your creditors.  A creditor is anyone who you owe money to or who you might owe money to, or has a right to sue you or could have a right to sue you.

1)     Creditor’s Name

2)     All addresses you have for this creditor.  There are usually 2-3 addresses on any statement or bill.  Make sure to check the front, back, and all the fine print.**see below**  If you have several credit cards or debts with the same creditor list all account numbers on the same address entry.  There is no reason to list an address more than once. 

3)     Account Number *a collection companies account number may be different than the original creditors account number*     

4)     Date Incurred: (this is the date you opened the account, you can sometimes find this date on your credit report)

5)     Amount Due: (do not worry about the amount changing, Do Not round numbers, Use the amount due on the most current statement that you have).  List the amount owed on the original creditor.  Otherwise it will appear that you owe far more than you really do.  Do not list the collection company as being owed any money - that should already be listed on the original creditor's entry.

6)     Why you owe this debt? (car, house, credit card, medical bill, etc...)     

7)     If this account has been assigned to another company, such as a collection agency or attorney, you will need the following information: Assignee Name, address, and account number.  List "notice only" in the amount owed or leave blank.  Make sure to list the amount owed on the original creditor's entry.

8)     If anyone, other than your current spouse, co-signed on this debt you will need the following information: their name, address, and any additional names they may have used in the last 6 years 

(If there is not enough room for you to enter all of the collection companies and/or attorney’s, you may add them as a new entry, please refer to them as “COLLECTION COMPANY -or- ATTORNEY FOR (fill in the creditor’s name)”

** VERY, VERY, IMPORTANT!! THE LAW REQUIRES THAT YOU USE ALL ADDRESSES AND ACCOUNT NUMBERS IN ANY STATEMENTS / BILLS / CORRESPONDENCE RECEIVED FROM THE CREDITORS OR THEIR COLLECTION COMPANIES IN THE LAST 90 DAYS AND/OR AVAILABLE FROM ANY OTHER SOURCE (CREDIT REPORT, MAIL OLDER THAN 90 DAYS, PHONE BOOK, OR INTERNET) IF YOU DO NOT, THEN THE CREDITOR’S DEBT MAY NOT BE ERASED AS PART OF YOUR BANKRUPTCY!**If your creditor does not receive notice of your bankruptcy, then they are able to sue you after your bankruptcy is completed.

Credit reports are rarely accurate or complete and many medical creditors are not listed in your credit report. You will need to investigate the names & addresses of all providers. You may try WWW.BOMEX.COM

6)      PLEASE READ - THIS IS VERY IMPORTANT: At the end of filling out all the information you can press "complete".  At that time an e-mail will be sent to our office indicating that you are done entering all the data.  THEREFORE, DO NOT PRESS COMPLETE unless you are really through. Call our office if you have questions that are not answered on this page. 

If you press "complete" and then realize that you forgot some information you must call us to make certain that we have not already downloaded your data. Once we have downloaded your data you must not make any changes in the Rapid Import information, because the changes not be included in the documents on file with our office. Call us for directions on how to handle this situation. 

As always, call me if you have any questions. YOU ARE NOT ALONE IN GOING THROUGH THIS!

Diane L. Drain