Bankruptcy To Do list

A bankruptcy consultation is good opportunity to learn more about the filing process while learning whether it is the best option for you. This is the perfect time to ask questions, review concerns, and get clarity on how bankruptcy works.  During the consultation, you will discuss your circumstances in further detail and review your options on how you want to move forward.  To assist the bankruptcy attorney in understanding your financial background and filing eligibility, there is documentation you may want to bring with you for review.

Since most consultations are free, debtors should be prepared to ask and answer questions about filing and if it is something they should consider.  Reviewing your situation with ample documentation helps puts the possibility of filing into better perspective.  The following documents may be helpful during your consolation.

  • Proof of income.  This may include paystubs from your job, self-employment earnings, and other forms of income such as workers compensation, retirement, child support, social security and other income types. You may need to provide income proof for the last 6 months if possible.
  • Income tax returns.  In most cases it should be documentation for the last 2 years.  If you intend to file bankruptcy make sure taxes are filed and current.
  • List of debts.  This includes credit cards , medical bills , mortgage, vehicle, personal loans, and other outstanding loans or monies owed.  If you have received a summons or notification of being sued (lawsuit), present this as well.
  • Household expenses.  This includes a list of necessary living expenses such as food, clothes, utilities, rent, medical and other payments you make on a monthly basis. Debt payments, charitable contributions and insurance premiums should also be included.

If you have valuable assets such as a retirement account, jewelry, stocks, property or other items, you may want to ask how these items can be protected should you decide to file.  You may not need to present every item listed, but the more you bring, the better idea you get in understanding your eligibility.