Documents To Gather To Prepare For Filing Bankruptcy In Arizona
Arizona Bankruptcy Attorneys Discuss What Documents Are Needed To File For Bankruptcy Protection
Our Arizona Bankruptcy Lawyers discuss what documents are going to be needed in order to file for bankruptcy protection in Arizona. Our attorneys have filed thousands of successful bankruptcies in Phoenix, Tucson, Mesa, and throughout Arizona. Plus, we have helped countless families, individuals, and businesses get a “Fresh Start” through Chapter 7 bankruptcy, Chapter 13 bankruptcy, or other forms of debt relief.
Filing for bankruptcy is a serious decision that shouldn’t be taken lightly. That is one of the reasons that declaring bankruptcy isn’t as simple as making a declaration that you are bankruptcy. You may also need to wait to file your petition, e.g., you have filed bankruptcy less than 8 years ago or are in a pending divorce. Whether you need to wait or want to file soon, there are many documents you can begin gathering for your bankruptcy petition.
Proof of Income
One of the factors that determines which chapter of bankruptcy you will qualify for is your income. If you are served with garnishment paperwork and need to file an emergency bankruptcy petition, this is the only documentation you will need for your initial skeleton filing. Therefore, proof of income is the first information you should gather when preparing to file bankruptcy.
Whether you work for an employer or own your own business, you will need to submit proof of income dating back 6 months. Your income will be averaged over the past six months for qualification purposes if you aren’t a salaried employee. Your proof of income is also necessary to calculate your disposable monthly income, which determines Chapter 7 eligibility for debtors who make more than the state median income and plan payments for Chapter 13 filers.
It is important to have this information compiled early on, especially if you rely on a payroll department to provide your paystubs. Making sure you have the correct information for all six months may take time. Keep in mind that you will have to continue to update your pay information the longer you wait to file.
You will need to present your driver’s license and social security card at your 341 Meeting of Creditors, so it is smart to have these forms of identification ready before your case is even filed. You may also need your social security card to confirm that your credit report is pulled correctly and that all of your creditors are listed on your mailing matrix. You can use a state identification card, passport, and many other forms of government identification in lieu of your driver’s license. However, you will need an original form of identification with your social security number if you have misplaced your social security card. Most people in this situation will use their original W-2 instead.
Bank Account Statements
Depending on where you file, you may only be allowed to have a certain amount of money in a certain number of bank accounts on the day your bankruptcy petition is filed. Your bankruptcy trustee may seize any amount in excess of your state’s limit or your case may be dismissed. You will also need to provide the full account numbers for all of your accounts, including those closed within the past year.
Most American adults have at least one type of loan out- mortgages, vehicle loans, student loans, personal loans, and more. You should obtain at least your most recent statement on your loan balances. This also allows you to have a more accurate representation of your total debt and may be necessary for calculating your disposable monthly income.
Retirement & Investment Accounts
Most pensions and 401(k)’s will be safe in a personal bankruptcy. However, you still need to provide information about these accounts to create a clear representation of your financial situation. Some accounts may only be protected if you worked in certain fields of public service. Talk to a bankruptcy attorney in your state about if you will need an exemption to protect your retirement and investment accounts.
Family Law Proceedings Documents
Your ex spouse may be a codebtor on certain accounts depending on when you were married and if you lived in a community property state. You should provide your Phoenix attorney with your divorce orders to draft your petition. You will also need to provide your child support order if you currently pay child support. Be aware that child support payments and garnishments won’t be stopped by the Automatic Stay, and arrearages won’t be discharged in your bankruptcy. The same applies to spousal maintenance payments.
You will need to provide your tax returns for the last two years, and your bankruptcy trustee may request additional years of tax returns. Your attorney and the trustee will both require the full return, not just the summary page.
Our Arizona Bankruptcy Attorneys Will Help You Prepare To File Bankruptcy
There are many other documents you may need to provide that are specific to your circumstances. To learn which apply to you, call today for your free bankruptcy consultation. Our skilled bankruptcy attorneys can help you determine which chapter is best for you, which documents you will need to file, and provide you with an affordable quote for legal services and a payment plan if you qualify.