What Do I Need to Report When Filing for Bankruptcy?

What Do I Need to Report When Filing for Bankruptcy?

Consider the essential documents needed for filing Bankruptcy. Whether filing a Chapter 7 or Chapter 13 bankruptcy, the paperwork required is usually the same. In order to file the correct documents make sure you check your district as well as the trustee handling your bankruptcy. Listed below are the typical documentation needed for filing.

• Tax Returns

It is probable that you will have to submit copies of your tax transcripts as well as your tax returns for the past 2 years. Additionally, you will need to provide a valid explanation for many years you did not file your taxes. In most Chapter 13 cases, trustees will want you to get your previous income tax documents in order and submit copies before they move ahead with your particular case. The information required by Gwinnett County might be different than another county.

• Income Verification

For all employees, paystub submission for the 6 month period before filing bankruptcy in addition to your last couple of W-2s are required. Self-employed individuals need to submit a statement showing profits as well as losses for the previous 6 month period and bank statements from your company to validate your business records. Additional sources of income deriving from social security, rental properties, or disability payments need to be submitted as well.

• Real Estate Disclosure

For those individuals that own any real estate property, make certain that you have documentation showing the valuation of the property. This needed information can usually be acquired through full appraisals, online property assessment, a broker’s price estimate, and any mortgage paperwork revealing the balances on loans, trust deeds, and proof of having insurance for your home

• Vehicles

Copies of your car registration, insurance proof, and appraisals should be submitted along with loan statements, monthly payments, and balances owed.

• Retirement And Bank Accounts

Bankruptcy attorneys will expect you to submit copies of any retirement and current bank statements that list financial assets.

• Miscellaneous Expenses

Provide document support for any extra expenses you might have such as child support or restitution payments.

• Proper Identification

You will need to have proper photo identification when you appear at your attorney hearing. Be prepared to submit a driver’s license as well as a valid social security card

Required information necessary for Bankruptcy Forms completion

If you are thorough and collect all of the required information, filling out your Bankruptcy forms should not be a daunting task.The information that is necessary for showing your income, assets, losses or loans will be readily available to you based on the documentation that has been discussed; there will be additional information you should gather in order to complete the entire petition for bankruptcy status. Creditors, lawsuits, co-debtors, and other expenses you have incurred need to be proven as well. Additionally, obtaining a recent credit report should assist you with this task.

Make certain to bring utility bills, food expenses, and miscellaneous expenditures in order to submit an accurate picture of your financial status. Many of these documents will not be required by your trustee, but they will assist you in being accurate and thorough in your petition.

Contact Cornwell Law Firm for Legal Assistance

For more information on what all is needed for filing for bankruptcy, or if you have any questions pertaining to the matter, don’t hesitate to contact Cornwell Law firm to set up a free consultation.