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Filing for bankruptcy can provide crucial financial relief for borrowers who are unable to pay their debts. However, it’s often a long, complex legal procedure. Your petition will have to include an exhaustive list of your assets and income, along with all your eligible debts, so collecting all this information beforehand will streamline the entire process. Below are the documents your attorney will need before you can get started.

Documents You Should Collect Before Filing for Bankruptcy

1. Tax Returns

If you’re filing for Chapter 7, you’ll need to include tax returns for the previous two years, which may include the current year if you’re filing near the tax deadline. Borrowers filing for Chapter 13 protection will usually need at least four years of tax returns, with letters to explain any years in which you weren’t required to file. If you haven’t filed tax returns for any of the years in question, the trustee will likely require you to do so before your case can proceed.

2. Income Statements

bankruptcyAlong with your last two W-2 earnings statements, you should also be prepared to submit the previous six months’ worth of pay stubs, along with statements documenting any other sources of income. Self-employed petitioners will need to prepare profit-and-loss statements for the previous two years, and they will need to have bank statements that verify their income information.

3. Asset Verification

The trustee will likely need to see documentation verifying the value of your vehicle, the amount in your retirement savings account, and the fair market value of any real estate you own, along with statements with the outstanding loan balances. An online valuation of your home, your mortgage statement, and auto loan paperwork will likely contain all the information you need.


 

If you’re struggling with debts you can’t repay, Harry B Zornow will guide you through the process of reclaiming your life from financial struggles. For over 30 years, he’s been helping residents in Hamilton, OH, find their way back to financial solvency, providing personalized attention and debt relief solutions tailored to their unique situations. To find out whether bankruptcy is right for you, and to schedule a consultation, visit his website or call (513) 737-9770 today.

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