If you're experiencing financial problems, this can be a stressful time in your life. It is ideal to consider filing for a Chapter 7 bankruptcy to help get all of your eligible debts discharged. This can give you the peace of mind you need to get through this trying time. However, it is important to be prepared for this process by having the necessary documents in your hands before beginning the process.
Tax Returns
You will need to prove your wages and using your previous year's tax returns is a great way to do this. This can also serve to provide a lot of your personal information, such as your phone number and address, as well.
Providing your tax returns can also be used as another form of personal identification for you.
Real Estate
It is necessary for you to list all types of real estate that you own and what the values of these properties currently are. In some cases, you may be able to obtain an online valuation or an amount from a broker stating what the property is worth.
On the other hand, if you are filing for a large amount of debt to be discharged, this may require you to have a professional appraiser come to your property. Either way, you must have written documentation of the value of your real estate.
Vehicles
If you currently own one or more cars, you will need to provide certain types of documentation. These include a registration for the vehicle, proof of insurance and if there is a loan on it, the amount of the loan that's due.
Retirement Accounts
It is your job to provide all of your financial information to the court when filing for a Chapter 7 bankruptcy. This includes copies of your retirement accounts that show how much money you have in these.
Personal Identification
You must bring a photo ID with you when you're filing for a Chapter 7 bankruptcy. This should be your driver's license or other official forms of identification that list your name and address and will serve as proof that this is who you say you are.
Finally, being prepared in advance of filing for bankruptcy can save time and increase your chance of having success. If you need assistance with this process, it's a great idea to rely on the expertise that's offered by a bankruptcy attorney like Greg Dunn Bankruptcy in your area.
Share3 April 2015
Filing for bankruptcy has a tendency to make people feel ashamed and stressed out, and can turn into a big source of depression if not handled properly. As a counselor for couples and families, I have worked with various families throughout the years who have had to go through bankruptcy. And during this time, I have seen firsthand how, with the right mindset, going through bankruptcy can make people stronger in their financial lives and careers. I started this blog to provide information about the right things to do and the things that should be avoided while going through bankruptcy to minimize stress and maximize potential once the process is over. If you have any questions or concerns, hopefully they can be addressed on these pages.