Documentation Requirements for Bankruptcy

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Documentation requirements in a bankruptcy are huge and meeting them is a job which debtors have to face with diligence so as not have their case dismissed. All documentations have to be accurate and authentic. A bankruptcy attorney would be well aware of the documents that would be required and would be able to brief debtor about them so that debtor can begin collecting them. These documents are necessary to back the bankruptcy petition filed in bankruptcy court.

The first step in a bankruptcy filing is to take the means test to check eligibility for bankruptcy. Based on the result of the means test, debtor can either file for a chapter 7 bankruptcy or a chapter 13 bankruptcy. The petition forms can be downloaded from the US Department of Justice website. The form has to be filled in accurately and petition filed with bankruptcy court of debtor’s area of residence. At the time of filing for petition, an administrative fee, case filing fee and in case of Chapter 7 bankruptcies, a trustee surcharge has to be paid. These fees can be paid in installments if the court permits.

Debtor should document his financial status as required by court. There should be documents that clearly state his assets and liabilities, expenditures, current income, unexpired leases, executor contracts and current statement of financial affairs. Copy of tax returns filed for most recent year has to be provided to court and creditors. Taxes filed during bankruptcy process also should be proved with documentation. A list of all creditors and the debts owed to them with their details and account numbers have to be submitted in court. In case of Chapter 7 bankruptcy, list of exempted property also have to be produced.

Since credit counseling has become mandatory for any kind of bankruptcy, certificate of credit counseling is a must while filing the bankruptcy petition. Apart from these, debtor should arrange for evidence of payment from employer fro a period of three months preceding filing for bankruptcy, education or tuition account records, record of anticipated increase in expenses and income and additional paperwork if debtor is filing for consumer debts.

Going about a bankruptcy without any professional help is as good as getting the petition dismissed. The various procedures and documentations required in a bankruptcy process are overwhelming and legal help from a bankruptcy attorney would prove to be a blessing. There is much specificity with regard to filling up various lengthy forms requiring many details and in the event of error or carelessness, the consequence could be as grave as a case dismissal. Thus preparation for a bankruptcy should be done under the trained eyes of a bankruptcy attorney so that nothing is amiss.

Contact a Savannah bankruptcy attorney if you need debt relief assistance or want to file bankruptcy.