Gathering The Necessary Documents For Bankruptcy

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When you file for bankruptcy, you may find that it involves complicated dealings with your creditors and the bankruptcy court. Bankruptcy may affect your property, credit and your daily life. The stressful part of filing for bankruptcy can be reduced when you organize and collect your financial documents for bankruptcy and retain a knowledgeable bankruptcy lawyer.

When you are overwhelmed with credit problems, an attorney may help you to get your life back in order. Your attorney will need to see certain documents so that he or she can advise you regarding the best avenue to take. Before you meet with your bankruptcy attorney, you can gather the following documents so that you can take them with you to your appointment.

Financial Records

Collecting your financial records should be on the top of your list. With them, your lawyer can help you to determine what type of bankruptcy you should file. Your records can demonstrate that you have a reliable and regular income, for example. This might make Chapter 13 bankruptcy a better option if you want to keep certain non-exempt items of property and have a chance to pay off your debts over time.

Here is a list of financial records you should gather:

Copies of all of your most recent bank account statements
Your most recent bill copies from all of your creditors
Your most recent payment coupons for your student loans, mortgages and vehicle loans
All bills from the past year along with any invoices for purchases you’ve made
Any legal records
All receipts for purchases or payments

If you currently have a pending lawsuit against you or a previous judgment, you need to disclose it to your lawyer. If you have existing judgments against you, your attorney can use the information in order to decide what type of bankruptcy will best help you in your individual situation. This can also help the attorney to determine the amount you can afford to pay currently to all of your creditors.

Additional documents

Here are some additional documents that you should gather and bring if they apply to your situation:

All documents regarding previous lawsuits, including any judgments
Copies of files from any previous lawyers
Copies of your child support or alimony orders

Asset documents and income verification

You will need to be able to provide documentation for the assets that you own as well as documentation that verifies your income. It is vital that you provide thorough information about your assets as it can demonstrate your level of income. This can be essential if you plan to file Chapter 13 bankruptcy to repay your debts over time. It is also necessary if your intention is to file Chapter 7 bankruptcy because it can be used to prove that you lack sufficient income. Here is a list of documents you should collect to verify your assets and income:

Copies of all insurance policies you own
Canceled check copies for expenses for which you have no other documentation
The last three years of your tax returns
A copy of your mortgage or lease
Titles to all vehicles that you own
Documents detailing debts that you owe to other people
Copies of promissory notes bearing your signature
Any documentation showing that someone else owes money to you
Copies of any lawsuits for which you have received service of process

While collecting documents for bankruptcy may be time-consuming, doing so can help your attorney to provide you with better advice regarding the chapter that will work best for you. To learn more about the bankruptcy options that you have and to schedule your consultation, contact our bankruptcy lawyers today.