Paperwork you will need when filing for bankruptcy
You have decided that filing for bankruptcy is your best option and hopefully you have hired a lawyer to help you with your case. To get started, you will need to put together a few pieces of paperwork. Here is a brief list of the items you will need.
Basic Personal Information
This would include your entire name (middle name and titles such as Junior), your current address as well as the addresses of any place you have lived within the past two years, and Social Security number. You will not need to include your Social Security number on your paperwork for security purposes as of December 2003, but you will still need to show proof of it.
Income
Proof of income such as paystubs or a statement from your employer as well as your previous income tax statement. You will need to show proof of your last six months’ income.
Expenses
You will need to list all of your monthly expenses as accurately as possible. This will include your normal monthly expenses such as mortgage or rent, utilities, auto payments, insurance, groceries, and all household expenses. Don’t forget to include expenses that you may only pay a few times a year or once a year such as renters insurance or school expenses. If you own an automobile, include maintenance expenses, fuel, insurance and repairs. If you do not own a vehicle, but commute everywhere, include travel expenses such as bus fares.
Assets
This includes not only the obvious items such as real estate and automobiles, but all items that you own of any value such as jewelry and other household goods. Once you have listed all of the items, you need to write down how much each item is worth by figuring out what it would cost to replace the items with another of equivalent quality. Your assets also include bank accounts, 401ks, and cash on hand. As money flows in and out of accounts, these numbers will change, but give the best estimate you have. Think of this as a snapshot of everything you have heading into bankruptcy.
Debts
You need to make a list of all your debts whether you intend to repay them or not. You should also include whether the debts are secured or unsecured debt. For every debt you have listed, you will need to include an account number, full contact address for the creditor, and amount you owe.
Do your best to accurate show your financial standing as of the time you file for bankruptcy.
This entry was posted on Sunday, March 16th, 2008 at 3:33 pm and is filed under Uncategorized.
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