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Filing Bankruptcy? Seven Documents You Will Need

Filing Bankruptcy? Seven Documents You Will Need

If you have considered all options and decided to file bankruptcy, there are several decisions to make. Which type will you file, Chapter 7 or Chapter 13? Will you choose exemptions from the bankruptcy?

Along with the important choices, you will also need to take time to gather important documents that you will need to file bankruptcy. Buy a folder to keep all of the paperwork in one safe place. Here are seven documents you will need in hand for your personal bankruptcy:

#1:Tax transcripts. Try to find, at the minimum, the last two years of tax return statements. If you cannot find your originals, order them from the IRS.

#2: Mortgage information. If you own a home, you will need to show its value, and current loan balances. Contact your mortgage company if you don't already have this documentation.

#3: Vehicle information. As with your mortgage, you will need to document your vehicle's current value, as well as copies of its registration. Acquire paperwork that shows your monthly payment and balance on the loan.

#4: Savings, checking, and retirement accounts. Add copies of your most recent bank statements for any and all accounts to your folder. You can most likely print these from your financial institution's website.

#5: Pay documents. Bankruptcy filing requires an accurate proof of income. Gather the pay stubs, social security checks, and any other income from the last six months.

#6: Personal property list. Take an inventory of all personal property and its value. Include personal possessions, tools, collectibles, clothing, and jewelry. Your bankruptcy lawyer can peruse this list and advise you as to what, if any, you should claim as exemptions.

#7: List of creditors. Note every company or individual you owe, along with the amount. Include any contracts or unexpired leases.

Filing bankruptcy is intimidating and daunting. By putting a little time into gathering the pertinent documents on the front end, you can smooth the process and hopefully the situation will be a little less stressful.

If you are considering bankruptcy, contact us for a professional consultation with attorneys experienced in bankruptcy laws and regulations. Let us help you protect your future!