Preparing For Your Bankruptcy Filing

When it comes time to decide on a debt relief strategy there is much to consider. Reviewing all of your options is important for ensuring your financial strategy is successful. Choosing bankruptcy may not be an easy decision, but it can be one that is often the fresh start you have been looking for. However, entering the bankruptcy process should not be done without a consultation with a lawyer and a thorough review of your financial details.

Digging Deep

Many people make the mistake of rushing into the bankruptcy process. The problem is that failing to prepare before you file could leave you ineligible or disqualified from receiving a debt discharge. When you decide to file for bankruptcy it is important that you have organized the necessary documents in order to answer all of the questions on the petition. Your filing petition will ask for specifics about your income and wages, bank and other fund accounts, tax returns, asset list, and debit accounts. Therefore, you will need to have to provide a thorough outline of this information.

You may be asked to provide some of the following documents:

• Insurance policies on all motor vehicles
• Insurance policy on personal residence
• Copies of all paystubs received in the last six months from each employer
• Last two years Federal Income Tax Returns
• Tax assessment statement for any land or home
• Mileage, options, and model information on all vehicles owned or in the process of buying
• Valid driver's license and social security card
• All paperwork from any previous bankruptcy cases
• Bank statements for all bank accounts for the previous six months
• Copies of all bills and notifications from creditors received in the previous three months
• Copies of all contracts for real estate purchases and / or appliance purchases
• Any family court orders including child support orders and spousal support orders
• Any documentation concerning child support arrears
• Certification of completion of a credit counseling course
• Copies of statements for all retirement and financial accounts

These documents are important for the court to determine your financial needs. Missing, inaccurate or with information information could lead to a cancellation of your case, or even suspicion of fraud. While you may be tempted to conceal information, or unintentionally misrepresent your information, always keep an open line of communication with your bankruptcy lawyer. If the status of your income, debt or assets changes at any time, report these changes right away to avoid problems with the court.


Source by Richard Feinberg

Leave a Reply

Your email address will not be published. Required fields are marked *