Bankruptcy involves a great deal of paperwork in order to provide documentation regarding all of your finances to the court. You may feel flustered as you begin to consider the process of filing for bankruptcy. While you will have to disclose all of your assets, debts, and income to the federal bankruptcy court, you will also have to submit several different required bankruptcy forms. Learn the basics of what you will need to put together in order to file for bankruptcy and receive your financial fresh start.
Bankruptcy Questionnaire
Having an experienced bankruptcy attorney will help you understand exactly what documents and evidence you will need to provide to a bankruptcy court to ensure your legal rights are protected. One of the most important documents is a bankruptcy questionnaire, which will ask you to completely document all of your assets, debts, and income for the past few years (typically 2-5 years). You do not need an attorney to file for bankruptcy, however, you will need to ensure that all of these bankruptcy documents are filled out correctly, and under the deadlines otherwise, you will lose your right to continue to file for bankruptcy, and your case may be dismissed.
Some of the questions on this document include what debts you currently owe (such as vehicle loans, credit card debt, medical debt, student loan debt, mortgage, etc.) You will also need to show all of your current property or investments (such as a family home, pension plan, etc.) Additionally, you will likely have to also include a copy of your most recent credit report which will also list all of your debts. It is a good idea to obtain a credit report from all three credit reporting agencies to ensure that you have not missed any of your debts. All of your assets and debts must be fully disclosed to the bankruptcy court. It is critical that you report everything, otherwise the bankruptcy court may believe you are committing bankruptcy fraud.
Documenting Your Income
If you are filing for a Chapter 7 bankruptcy filing, you will need to pass a means test, meaning that you will have to prove to the court that you do not make enough income in order to pay your debts according to a formula adopted by the court. In the case of a Chapter 7 bankruptcy, you will need to include documentation regarding the last 6 months of your income. If you are filing for Chapter 13 bankruptcy, you will also need to provide documentation regarding the last 6 months of your income, however, you will not need to pass a means test.
Let Us Help You Today
These are not the only documents you will need in order to file for bankruptcy. Other documents include bank statements, tax returns, property titles, mortgage statements, and other financial documents. We can help ensure that you file all of your bankruptcy paperwork correctly. Contact an experienced Jupiter bankruptcy attorney today at the law offices of Julianne Frank, Esq. at (561) 220-2528 for a free consultation today.
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