Filing Bankruptcy? Learn About the Documents Needed During Process

On March 11, 2020, in Bankruptcy, by John A. Weber IV, ESQ.

Bankruptcy is no small matter and requires the assistance of highly knowledgeable bankruptcy attorneys. Although your bankruptcy attorney will guide you through the process, it will be helpful if you are aware of the list of documents required for filing bankruptcy. This list is the same whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy. To make it easy for you, we have made a list of the documents here:

  1. Tax Returns

You are required to have copies of your tax returns or tax transcripts for the last two years in Chapter 7 cases and four years in Chapter 13. Bankruptcy trustees may ask for more if you have variable incomes. These documents are to verify your income.

  • Income Documents

If you are an employee, you’ll need to present copies of pay stubs for the six-month period before the bankruptcy. In case you are self-employed, submit your year-to-date profit and loss statement, and also for the prior two years, before filing bankruptcy.

  • Real Estate And Mortgage Statements

If you own real estate, you will have to provide proof of the property’s fair market value. In addition to that, you may have to provide mortgage statements that show your current loan balances and payment amounts.

  • Vehicle-Related Documents

Having a car means you will have to provide proof of its value. Further, in the case of a car loan, your attorney will ask you to provide a recent loan statement that shows the amount you owe and your monthly payments.

  • Bank Statements

To show that you are unable to pay your bills, you need to present bank statements to the court. This is just to check whether there are any hidden funds that can be used to pay bills.

  • Identification Proof

You will also be asked to present photo ID, such as a driver’s license, etc.

Reach out to bankruptcy attorneys in Long Island to get in-depth knowledge of these documents.

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