| Friday, 15 July 2011 14:22 |
What Items Do You Needed When Filing for Bankruptcy?What Items Do You Needed When Filing for Bankruptcy? Understanding some of the new bankruptcy laws can be a challenge---and it may seem to make it harder to know exactly what to do and what you need when filing for bankruptcy! The new laws are designed to "drive" people into filing correctly. Many file for Chapter 7 bankruptcy when they really need to file for Chapter 13. The law also brought about changes on how people report their income. But the new laws can make it more challenging to figure out which one works for you if you are considering filing for bankruptcy. When you go to see your bankruptcy lawyer, there are some things you can have with you that will make the process easier. Unfortunately, many people destroy or shred records because they do not think they will need them later. Also, any time you do a transaction online, you should print the information and save it. Sometimes, you might be able to go back to the site or the company and print the documentation again, but not always. Also, bank records are limited online as well. Sometimes a bank may only be able to retrieve a certain number of bank statements. This is also true for payroll records. Many companies only store electronically a small percentage of past payroll records. If you have had trouble keeping good records before, there is no time like the present to start. You might not have all of this information when you consult an attorney, but having it assembled already could expedite the process.
Examples of items you may need: 1.) Income and pay information-- You will need about 6 months worth of documentation about your income and pay. Many time you can print this from on your computer if the company you worked for has pay information online. However, some do not. It is always a good idea to print your pay stub each month and keep it for good measure. Also, when you are talking about income, remember any money you receive that isn't from a job. This could include: gifts, rent, part time job income, money from the sale of property etc... 2.) Income information for your spouse--you will need this even if they are not filing bankruptcy with you. 3.) Tax information and returns and the forms that go along with them such as : W2's and 1099's. 4.) If you are a business filing for bankruptcy, you will need very detailed records of your expenses and profit. You will need the last 6 months worth, at least, of these records. 5.) All current and past bills and amount owed. If your bills have been given over to collections, locate and bring in the original creditors information. 6.) A year's stack of bank statements! (Another reason to keep good records!) 7.) Any information pertaining to retirement accounts if you are retired. Also, any booklets/packets or information that explains the way your retirement is set up would be helpful. This is a short list of items that will make it easier for you and your attorney to go through the process of filing for bankruptcy. Obviously, your attorney can advise you on the particulars for your situation.
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