If you are considering filing for bankruptcy, whether it is Chapter 11 bankruptcy, Chapter 13 bankruptcy or Chapter 7 bankruptcy, you are probably wondering what you need to do. Once you have contacted a Minnesota bankruptcy attorney, you will be asked to round up several pieces of documentation for bankruptcy filing purposes. We’ve made a list to help you out with this somewhat confusing process.
Your Bankruptcy Paperwork Checklist
Everyone who files for bankruptcy will need to provide the following information:
Paycheck Stubs
First of all, it’s time to go through your old paycheck stubs and pull out seven months worth. If you do not have these, you will need to contact your employer and request additional copies. For those who are self employed, you will need to include six month income records that show your income and expenses, profit and loss month by month.
A Credit Counseling Certificate
Before you can file for bankruptcy, you will need to discuss your credit with a Justice Department approved credit counseling agency. You can either participate in an hour discussion on the phone or through the internet about your current credit situation.
Federal and State Income Tax Return
Dig out last year’s tax folder and locate your federal and state income tax returns. You will need to make a copy of your signed return which will include your W-2 forms, 1099 or 1098 forms and anything else that was included in the return.
A Client Worksheet
Your client worksheet will act almost like an application form and will include all basic information about your financial situation. It may seem a little tedious but this is mandatory when filing for bankruptcy. The client worksheet will ask for the following information
• Year to date income (this can be found on your most recent paycheck stub)
• Assets and property valuations (current market value)
• Household income figures (what you are earning now and in the near future)
• Living expenses (what you are spending now and in the near future)
A List of Debts
Your list of debts should not only include those from creditors but also the debts that you owe family members of friends. It’s important to include all debts, no matter how big or small. Some debts to consider will include:
• mortgage and car loans
• credit card debts
• overdue phone bills or phone accounts
• furniture or appliance debt
• medical bills
• student loans
Why Does a Minneapolis Bankruptcy Attorney Need this Documentation?
Many people who file for bankruptcy are confused why there is so much paperwork involved and why their MN bankruptcy attorney requires so many different types of documentation. It’s important to understand that this documentation is required by law in order to satisfy the needs of the bankruptcy federal courts. It is not actually your bankruptcy lawyer who needs this information but the federal courts in general. Your Minnesota bankruptcy attorney can help you collect this information and file it on your behalf.