There are so many reasons behind why a person files for bankruptcy. It may be a result of a catastrophic injury, a job loss, or even the after-effects of having gone through a natural disaster. Whether your bankruptcy is a result of something that happened to your or simply a matter of a series of bad decisions, the filing is your chance at a fresh start and a clean slate. But pursuing a bankruptcy is not as simple as checking boxes on a form.

The process is time-consuming and requires a fair amount of effort, most of which surround the collection of information needed for the bankruptcy courts to ensure that you are truly unable to pay your creditors. It doesn’t matter whether you are filing for a Chapter 7 bankruptcy or a Chapter 13 reorganization, the bankruptcy documents that you’ll need to provide are all the same and focus on proving both your economic resources and the extent to which you are in debt. In addition to proof of identification, here is a rundown of the documents you will be expected to produce:

• Tax returns – You’ll need two years’ worth of returns if you’re filing Chapter 7, and four if you’re filing Chapter 13. If your income or situation didn’t warrant you paying taxes, you need to provide proof of that, though a short letter is usually enough of an explanation.
• Information on your income – Most people are W-2 employees who get paid by an employer, and they will need six months’ worth of pay stubs and the previous two years’ worth of W-2 statements, as well as documentation on any other types of income including disability or Social Security disbursements or rental income. People who are self-employed will need to provide profit and loss statements for the previous two years, as well as bank statements that back up those statements.
• Asset information – This includes fair market value on real estate, mortgage statements, the value on owned automobiles and car loans. All retirement and bank account statements will also be needed.
• Creditor information – This means complete information on all bills and loans. Getting a copy of your credit report and working to gather information from that is the best way to ensure that your list is comprehensive.

If you need assistance in going through the steps of filing for bankruptcy, we are here to help. Contact us today to learn more about how our law firm can help.