What Documents do I Need to File for Bankruptcy?

When a consumer in the Oak Park area files for Chapter 7 bankruptcy or Chapter 13 bankruptcy, that consumer will need to have a number of specific documents and other information in order to be eligible to file. The paperwork for Chapter 7 bankruptcy and Chapter 13 bankruptcy does vary, but in large part, consumers will need to have many of the same types of documents and information available. For example, consumers need to have specific documentation of income, assets, debts, and expenses. Consumers also will need to provide documentation of any asset transfers or property sales in the period leading up to the bankruptcy. In some cases, bankruptcy trustees seek additional specific information.

It is extremely important to work with an experienced Oak Park bankruptcy attorney on your case since the specific documents necessary for bankruptcy can vary depending upon the facts of your case. At the same time, there are some general documents that you should plan to have available when you meet with your bankruptcy attorney prior to filing. We want to provide you with some additional information about the documents you should gather as you consider personal bankruptcy.

Documentation of Your Income
If you are employed, you will need to provide documentation of your income (and of your spouse’s income if you are jointly filing for bankruptcy as a married couple). Income documentation typically consists of pay stubs and copies of your W-2s from the last couple of years. In addition, if you have other sources of income, you will need to provide documentation. For example, if you receive Social Security Disability (SSD) benefits, you should provide copies of those payments. If you are self-employed, you will also need to provide documentation of your earnings, which may include copies of your personal bank statements if you are a sole proprietor.

Copies of Your Tax Returns
Depending on whether you file for Chapter 7 or Chapter 13 bankruptcy, you will need to provide copies of your previous tax returns for a specific number of years prior to the date on which you file for bankruptcy. If there are any recent years in which you did not file income tax returns but were required to do so, you should speak with your lawyer about getting your tax returns properly filed as soon as possible.

Account Information
You will need to provide statements for any accounts you hold. This includes copies of recent bank account statements (checking and savings accounts), as well as copies of statements for retirement accounts

Home and Car Value
The bankruptcy trustee will want information concerning the current market value of your home and/or your vehicle if you own one or both. If you have more than one vehicle, you will need to provide valuation information for both vehicles.

In addition to the current market value of your home and car, you will also need to provide information concerning your mortgage and your car loan. You will need to show precisely the amount of money you still owe at the time of filing, and whether you are behind on payments.

Contact an Oak Park Bankruptcy Lawyer for More Information
The above documents are common in most if not all bankruptcies. However, as we mentioned, many more documents may be required depending upon the specific facts of your case. An experienced Oak Park bankruptcy attorney can help. Contact the Emerson Law Firm to learn more about how we can help with your consumer bankruptcy case.



See Related Blog Posts:

Wage Garnishment and Bankruptcy in Illinois

Five Factors to Consider if You are Thinking About Bankruptcy

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