Steps to file bankruptcy with the help of a lawyer – What documents will you need?

It is not an easy task for debtors to file for bankruptcy. Instead, complicated interactions with the bankruptcy trustee, court, creditors’ first meeting, and lenders may be necessary. It could also significantly affect your day-to-day activities. Your credit report, credit score, and possessions may all be impacted by filing for bankruptcy.

Steps to file bankruptcy with the help of a lawyer - What documents will you need?

You never imagined finding yourself in such a stressful circumstance, of course. Making wise decisions, such as working with a knowledgeable bankruptcy lawyer, gathering your financial information, and becoming acquainted with bankruptcy paperwork, can help to ease the situation.

Read on to find out what paperwork you need to get ready for your bankruptcy in Orlando.

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Financial documents

One of the first things you should gather before filing for bankruptcy is your financial records. These documents will assist in identifying the most appropriate bankruptcy plan for you.

For instance, Chapter 13 bankruptcy can be the best option for you to get debt relief if your financial records demonstrate that you have a steady income that allows you to make monthly payments. There could be serious repercussions from this. Debtors can pay off debts with a repayment plan that permits them to retain ownership of their assets over time.

The following financial documents are required:

  • the most current bank statements for every account
  • the most recent credit card and other bills from all creditors
  • most recent coupons for payments on real estate, student loans, and cars, whether they are leased or bought
  • Invoices or bills

Legal Documents

You should let your attorney know about any past legal history or ongoing legal disputes affecting you. Debts included in prior judgments against you will help you decide which bankruptcy is best for your particular financial circumstances. How much amount you can pay your creditors will also depend on any ongoing legal matters or existing court orders.

Records pertaining to the law include:

  • records from earlier legal disputes, particularly any judgments rendered against you
  • files from previous  lawyers
  • any court ruling, such as a divorce decree, mandating you to pay child support or maintenance

Other miscellaneous documents

Your assets and the items you’ll need to prove your income are combined in the list that follows. It is crucial to demonstrate that you have a fixed income level by properly and thoroughly organizing your assets. This income calculation may be necessary to demonstrate your inability to pay off debts immediately or over time. On this list are:

  • Cancelled checks for any expenses that you were unable to document 
  • All of your communications, including threats, with creditors
  • all insurance policies
  • The last three years’ tax returns
  • Titles to vehicles
  • Your mortgage or rent
  • Any promissory notes you have executed 
  • Additional documentation of debts you owe third parties
  • Any evidence that someone owes you money 
  • Any court cases that you have been served with

Whether you work for yourself, are unemployed, or somewhere in between, the process of filing for bankruptcy is complicated and particular to you. During your initial session, find out more about the bankruptcy procedure and whether you need any assistance with your case from a knowledgeable bankruptcy attorney.

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