Five Documents You Will Need When Filing for Bankruptcy 

So when you decide to file for bankruptcy, it is essential that you begin getting your paperwork ready. Along with your application, you will need to submit documents regarding your financial information, debts, income, assets, and financial transactions. Your bankruptcy application and corresponding forms must be filled out accurately and completely. It could delay your application if you include inaccurate information or fail to include the required documents. Additionally, if a court determines that you lied about financial transactions, your entire case could be thrown out. 

Your Basic Personal Information

You will need to include your basic contact information and your bankruptcy application. Specifically, you should include your name, address, and any names you have used in the last eight years. You should also include the last four digits of your Social Security number, your children’s ages, and personal information about your spouse if you are married. Finally, you will need to include the names and addresses of your employer and previous employers. 

Proof of Your Income, Assets, and Tax Returns

It is crucial that you include all income you receive each month when reporting your income to the bankruptcy court. For example, if your income level is too high compared to your monthly debt, you may be prohibited from filing for certain types of bankruptcy, like Chapter 7 bankruptcy. 

Submitting your pay stub or a statement from your employer is the most common way of proving income. However, if you have income from other sources other than your regular job, you will also need to submit documentation proving your income from these sources. The bankruptcy court will require you to submit your tax return and proof of your income for the 60 days preceding your bankruptcy filing with the court.  

When you complete your required bankruptcy forms, you will have to supply information about your earnings from every source within the last two years. You should begin collecting the following financial records that show your income:

  • Your most recent bank statements
  • Pay stubs
  • Your tax returns
  • Appraisals of your home
  • Appraisals of your personal possessions, including jewelry, to show you are exempt
  • Proof that you took credit counseling

When you complete bankruptcy forms, you will be required to list every property item you own and how much it’s worth. You can group common household items, like silverware, dishware, towels, etc., into categories, such as “household items.” After listing your assets, you should write down how much each item is worth. You will need to determine its replacement cost or what you would have to pay to repurchase the same or similar item. Your assets also include the cash in your bank accounts and your 401(k) and other retirement accounts. These numbers may change slightly, but you should attempt to make a good-faith effort to be as accurate as possible. 

Your Monthly Expenses and Debts

Keeping documentation of your assets is crucial and an important part of showing the bankruptcy court that you have a set income level. Proving that you can repay your debts over a period of time for a chapter 13 bankruptcy is crucial. For a chapter 7 bankruptcy, proving that you have a lack of income will help you pass the means test and be eligible for filing. 

Remember, when you make a list of debts, you will need to include all debts, whether you intend to repay them or not. For every debt you list, you will need to include details about the debt, such as the full contact information for the creditor, an account number, and how much you owe. You should gather the following financial documents showing your assets, expenses, and debts: 

  • Most recent bill from every creditor
  • Bills or invoices for purchases in the last year
  • Receipts
  • Canceled checks for expenses you cannot document otherwise
  • All insurance policies in your name
  • Vehicle titles
  • Your lease or mortgage
  • Tax returns for the previous three years
  • Promissory notes you have signed
  • Other documents relating to debts you owe other people
  • Any lawsuits with which you have been served
  • Proof that anyone else owes you money
  • Evidence of your child support and alimony obligations
  • Correspondence between you and your creditors, including threat letters
  • Most recent payment coupons for vehicles (leased or purchased), real estate, and student loans

Your Legal Records

The bankruptcy court may want to know about any pending litigation against you or any cases that have been filed against you. Suppose you have questions about whether you should inform your attorney about legal actions taken against you. In that case, the best strategy is to disclose any legal actions against you to your attorney. Your attorney can advise you on which information you will need to include in your bankruptcy application. For example, previous court judgments against you may show that that will become a factor in deciding whether bankruptcy is right for you. 

Any pending litigation can also determine how much you can afford to pay your creditors. If you are pursuing a Chapter 13 bankruptcy, payments to your creditors from a court judgment will need to be factored into your monthly payment plan. You should also include any divorce decree or other court order showing you are required to pay spousal maintenance or support. Files from previous litigation, especially judgments that have been entered against you, may be necessary. Files from previous attorneys may also be necessary. 

A List of Your Debts and Financial Transactions

You will need to make a detailed list of all of your debts, whether you intend to repay them or not. You’ll need to include your account number, how much you owe, and full contact information for the creditor. In addition to your bank account information, you’ll need to provide documentation on a certain property or money transfers for at least the last two years. 

You will also need to include documentation on any money or property you have given away or sold, your closed bank accounts, and debts you have paid off. Gathering all of these documents are records can be time-consuming and challenging. If you are not sure where to start, we recommend reaching out to an experienced attorney. 

See What Our Clients Have To Say

Yelp Review

Roger C.

I reached out to BLC to help assist with a chapter 7 business bankruptcy and they provided excellent guidance, advice, and support through the entire process. In my case an adversarial action was filed by one of the creditors and attorney Ahren Tiller and his staff provided sound ...arguments which prevailed. Couldn’t have found a more experienced and supportive team to represent me in a tricky situation. I would highly recommend them to anyone making the difficult but sometime necessary decision to find financial relief. Read more
Yelp Review

Justin R.

Like many others before and during the pandemic, life happenings caused me to be in a financial situation to warrant bankruptcy. The BLC was super professional all the way through the entire process. Right after I paid for my Bankruptcy, I got sick and had to have surgery and recovery. Then we ...were in full Pandemic mode. They were gracious to delay my filing until I was recovered and ready to file. I could not ask for more. The process was over all quick and painless for a simple Bankruptcy like mine. I feel a weight has been lifted and I can rebuild. Thank you for all your arduous work and patience, Gabriel, Ahren, and their teams are knowledgeable and efficient. Read more
Google Review

Katey Huntley

Responsive, friendly, kind, extremely easy to work with! So knowledgeable and made this entire process painless. Very grateful!

Google Review

Lynn Molina

Gabriel Hanna, Esq and the staff at BLC helped me in a very difficult time. I appreciate all the help and care they gave my case.

Google Review

Linda Cramer

I can’t say enough of how much this bankruptcy law firm helped me with my financial situation. They were all so helpful, efficient and made the difficult time and process as quick and easy as possible. I would recommend them to anyone I know and am glad to give my public recommendation as well. T...hey truly deserve a five star plus rating. Read more
Yelp Review

Andrea N.

I am very happy with my experience with BLC. Bankruptcy is not something anyone wants to go through, however everyone at BLC made my experience pleasant and easy. The process was explained thoroughly and I had an easy time reaching out and connecting with my attorney. Anika Renaud-Kim was my attorney ...and she was nothing short of amazing! She was very patient and generous with her time. Ms. Renaud-Kim definitely made me feel at ease and comfortable through the entire process. Read more
Facebook Review

Lidia Paramore

they did a great job for me, helped me anytime I needed something, my Lawyer Gabriel Hanna is the best, gave lots of confidence all the time..thanks BLC I will.always recommend you, I’m very grateful for your service!!!

Yelp Review

Rachael C.

When searching for information I had called a few different firms and received consults. BLC was the only one who didn’t shy away and provided answers and information during the consult. Once I agreed to move forward, they were supportive, informative, and eased my anxiety through the whole process.... I can’t recommend them enough. Read more
Google Review

Emily Martinez

AmazingI had many questions and uncertainties and the carefully explained it all and made it easy to understand. They facilitated a fast and easy process making this scary difficult thing simple

Ready To Eliminate Your Debt?

Bankruptcy is still the best option. Other debt plans make promises, but only bankruptcy delivers.

FREE CASE EVALUATION 

Logo

SAN DIEGO OFFICE

1230 Columbia St. #1100 San Diego, CA 92101

LOS ANGELES OFFICE

11500 Olympic Blvd., 4th Floor Los Angeles, CA 90064

VISTA OFFICE

380 South Melrose Drive #300 Vista, CA 92081
© 2022 Bankruptcy Attorneys. All Right Reserved.

Legal Disclaimer: The Bankruptcy Law Center is a California Licensed law firm with attorneys licensed in the state of CA, NY. Attorney Ahren Tiller is responsible for this advertisement. Bankruptcy Law Center’s principal office is located at 1230 Columbia st. Suite 850 San Diego, CA 92101. Prior results listed on this site do not depict or in any way infer a prediction or outcome.We are a debt relief agency proudly providing options to people with financial problems. View our Privacy Policy