Once you file for bankruptcy, you will be on a solid path to debt relief and a brighter financial future. But first, you must gather some crucial documents to better help your bankruptcy attorney file the petition with the local courts. Below is a rundown of four items that provide important information for your bankruptcy filing; having these in order will ensure you obtain the needed debt relief.
4 Documents Necessary for Bankruptcy
1. Tax Returns
Tax returns offer insight into how much money a filer earns and how realistic—or unrealistic—it is for them to repay the debts they owe. Chapter 7 filers usually have to submit two years of tax returns, while Chapter 13 filers are required to submit four years' worth. If you have failed to file taxes for any of the required years, you will typically have to do so before the bankruptcy petition can be completed.
2. Income Verification
Filers who are currently employed should have six months of pay stubs or direct deposit remittance notices to include in their filing, as well as their last two W2 forms. If a filer is self-employed, they must present profit-and-loss statements for the prior two years leading up to filing. If a filer receives Social Security or any type of disability benefits, they should have a copy of their award letter that states how much they earn via these sources.
3. Real Estate & Vehicle Appraisals
An individual who owns real estate should be prepared to get a property appraisal that shows the current value of the asset. You can acquire this appraisal in a number of different ways. The easiest is to get an instant online valuation, which all courts usually accept. In some cases it is necessary to get a formal real estate appraisal. Any vehicles you own will also need an appraisal Typically an NADA used car buyers guide is used. Any unusal condition of the vehicle would allow deviation from the NADA used car guidelines.
4. Financial Account Information
Checking and savings account statements, as well as retirement account records, will be required for bankruptcy. Be absolutely certain that you are forthcoming about all assets and property you own. Trying to conceal any aspect of your financial affairs while pursuing debt relief will get your bankruptcy case dismissed outright.
C. Roland Krueger, Attorney and Counselor at Law is here to guide you through the bankruptcy process. For nearly 40 years, he has been representing clients in Davidson County, North Carolina, in a range of legal issues, including bankruptcy, Social Security Disability, and traffic violations. Call (336) 248-8464 or visit him online to arrange a consultation and start getting the debt relief you deserve.