Deciding to file for bankruptcy isn’t a simple matter. It’s something most people stress about for months before actually filing.
While bankruptcy is an effective solution to overcome significant debt, it can also have some consequences if you aren’t careful. One of the best things you can do is be prepared. One part of preparing for this filing is to gather the necessary documents.
Your financial records are an important part of filing for bankruptcy. This information will help you determine the type of bankruptcy you should file. Some of the financial records to gather include:
Any legal history or pending litigation you are involved with is information that is needed when filing bankruptcy. This includes prior judgments that show debts, which can help determine the type of bankruptcy you should file. Current court orders and pending litigation will also help determine how much you can pay your creditors when you file.
Other legal records to have when filing bankruptcy include:
When filing for bankruptcy, you need to show a complete picture of your financial situation. Some of the other documents that can help you do this include:
If you plan to file for bankruptcy or want to know if there are other options for your financial situation, gathering the information above is a smart starting point. Doing so will help you with the bankruptcy process.