17th Mar 2015
Choosing Your Bankruptcy Route
There are many reasons why you may file for bankruptcy. You may be dealing with foreclosure, repossession, credit card debt, lawsuits, or liens. No matter what your reason is, filing for bankruptcy is a difficult decision to make and an even more difficult process to undergo. There are different options and chapters of bankruptcy you must become familiar with before you decide to file so that you can choose the best route. Whichever route you decide to go in, there are going to be several required steps and paperwork that need to be prepared in order to successfully file for bankruptcy.
Requirements When Filing for Bankruptcy
-Tax returns from the last two years
-Credit report from all three credit bureaus
-Income documentation including pay stubs, property or rental income, business income, interest statements, social security income and any other income
-Expenses documentation including taxes, mortgage or rent, utilities, groceries and any other expenses
-Assets documentation for your home, care, stocks, bonds and any other assets
-Bank account statement
-Retirement account statement
-Debt information with the address of the creditor, your account information and you debt amount
-Proof of any debt paid off in the last year
-Any lawsuits that have been filed against you
-Paperwork concerning your expenses
-A required credit counseling class in which you must show proof of completion
-If representing yourself, the federal bankruptcy forms, local forms and a complete understanding of the local laws and rules
Even if you complete all of the requirements listed above, you may still run into unexpected obstacles. There may be errors you weren’t aware of or missing documents you didn’t know you needed. Every individual’s situation is different so it’s crucial to fully understand the rights, options and requirements for your specific case and location.
Get Help from a Bankruptcy Attorney
Filing for bankruptcy is a scary thing to go through but it does not need to be done alone. Contacting a bankruptcy attorney is highly recommended whether it’s only for a free consultation or to represent you throughout every step of the process. Although it is usually a tricky and long process, filing for bankruptcy will allow you and your family to get a fresh, new start in the future.
If you have any additional questions about how to prepare for bankruptcy and the requirements associated with it, please contact a local attorney who specializes in bankruptcy.