If you’re struggling to repay debts, Chapter 7 bankruptcy may provide the relief you need by eliminating most unsecured debt, such as credit card statements, student loans, and medical bills. However, the process requires an extensive accounting of your debts, assets, and other detailed financial and personal information. Below are a few of the documents you should collect before meeting with your bankruptcy attorney.

What You’ll Need for a Chapter 7 Bankruptcy Filing

1. Tax Returns

Before approving your Chapter 7 bankruptcy, the trustee will conduct a thorough review of your finances to ensure you actually can’t repay your debts. To establish your income history, you’ll need to supply your bankruptcy attorney with your previous two years’ tax returns, even if they don’t reflect your current wages. 

2. Proof of Income

In addition to tax returns, employees who work for someone else will need to collect their pay stubs or earning statements for the previous six months. The process is more complicated for self-employed workers and business owners, who must prepare a profit-loss statement for the previous two years.

3. Real Estate Documentation

In exchange for discharging your debt, the trustee has the right to seize some of your property to pay back creditors. However, each state allows petitioners to exempt certain assets, including a portion of your home equity. To determine whether your real property is exempt, your bankruptcy attorney will need to see an appraisal or an estimate of its current market value and a mortgage statement from your lender.

If you’ve fallen behind on your debts and can’t seem to catch up, Mark O. Grater Attorney at Law can help you reclaim your life with debt relief options tailored to your needs. With over 30 years of experience, this bankruptcy attorney has an in-depth understanding of the code, and has helped countless residents across New London County, CT, free themselves of burdensome debt. Visit the law firm online to learn more about their debt relief services or call (860) 449-8059 to schedule a consultation.