When you're preparing to file for bankruptcy, it is important to know what documents you need for the procedure. Knowing what forms, records, and other paperwork is necessary will help you have a smoother process for the initial filing, as well as throughout the duration of your case. Understanding what you need, and what condition you need it in, and how to prepare it for your filing, will help you through your bankruptcy process.
What to Have and Why
In addition to completing complex procedures like the Means Test, which gauges your potential income and determines whether or not you are eligible to file for bankruptcy, you'll need to have various records on file of your current income as well as evidence that a bankruptcy filing is the right course of action for you.
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Hopefully, you've already kept a good record of your income and expenses. This will help you build a case that filing for bankruptcy is the right course of action in your case. If you've not been keeping paper records of your income and expenses on file, it's worth checking your various creditors or other financial institutions that you do business with online to see if there are backups of your records on file there.
If you not have payroll records, it may be more difficult to get new records supplied to you by your company, especially if you are no longer employed there. Hopefully, deposit information will be stored in your bank account as to the amount of your pay during needed times. You will need at least six months of pay stubs, pay advices, and/or income information to file for bankruptcy. In addition, even if your spouse is not filing with you, you will need income information on your spouse.
You also need tax documents, all recent bills and collection letters, bank statements, credit reports, and any information you have available on your retirement accounts. These documents are key to filing for bankruptcy and it is important to have them on file. Even if you're not considering bankruptcy, it is well worth keeping a viable record of your finances just in case.
When approaching a bankruptcy lawyer, or other counselor, it's important to have all these documents in order and ready to go. The bankruptcy process is already complex enough without confusing paperwork in less than organized piles. Take the time to go through your records and organize them. Even this simple preparation process will help you file for bankruptcy by making it easier for those assisting you.
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