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Each year, thousands of Americans make the decision to file for bankruptcy. While the process of making the decision to file for bankruptcy can be agonizing enough; once the decision is made, the process can be just as demanding.
Whether you are filing a Chapter 7, Chapter 11, or Chapter 13 bankruptcy, you will be required to submit a massive amount of paperwork to the bankruptcy court.
In addition to the many forms, much of your personal and financial information will be requested. Visit the website to learn more. You can submit all of the documentation required from the court on your own. However, it should be mentioned that any mistakes, inaccuracies, etc. can unnecessarily prolong your case and be expensive.
Working with a proven bankruptcy attorney can help to save you money, time, and decrease the likelihood that your case will be thrown out. Learn more below about the type of paperwork that you will need to file bankruptcy.
Personal Information
To accurately process your bankruptcy filing, the court must know who you are. They will require information such as your name, address, and social security number. Furthermore, you will be required to provide information about your past, your children, spouse, as well as employer(s).
Additionally, you will be required to provide proof of your income to include pay stubs, recent tax returns, etc. Typically, you must submit income information for the 60-days prior to filing bankruptcy. Your bankruptcy forms will require that you submit information about all of your income sources in the last two years.
Expenses and Assets
When filing for bankruptcy, you will be required to list every current monthly expense that you have. This information can include expenses such as:
- Mortgage or rent expenses
- Utilities (water, electricity, phone, internet, etc.)
- Car payments as well as insurance
- Typical household expenses such as groceries
In addition to your expenses, the bankruptcy court will have an interest in learning about any assets that you own. You will need to list all of your property as well as how much they are worth. This does not mean that you need to list every sock or shoe that you have. However, it does include any items, investments, bank accounts, cash, etc. that have value.
Debts and Financial Transactions
You will also need to list the parties that you owe a debt to along with the contact information, account numbers, and how much you owe each. This list is required whether or not you have intentions of paying all of your debts.
The bankruptcy courts require that you provide information amount any transfers of money or property within the last few years before your filing. Information requested may also include closed bank accounts, past debts that you have satisfied, sold homes, ad/or money that you have given away.
Do I Need A Bankruptcy Lawyer?
Technically, no. You do not need an attorney to file for bankruptcy. However, you may find that navigating the bankruptcy process on your own can be drawn-out, confusing, and unforgiving (if certain errors are made).
Though hiring a bankruptcy lawyer is not required, it is certainly recommended. If you are currently considering bankruptcy, it is in your best interest to consult with a proven bankruptcy attorney before doing so.
