Filing for bankruptcy is a major decision. In many cases, however, it is the best possible decision. When you feel as though you are drowning in debt or if you are unsure if you will ever be able to pay it off, then you may want to consider bankruptcy. Once you decide that it is the best possible option, you need to think about the type of paperwork you will need in order to file. Here is what you need to know about filing for bankruptcy and what documents you will need to include.
Include Income Documents
As an employee, you will need copies of your pay stubs for the last six months. You also have to provide your W-2s. If you are self-employed, then you will need to be able to provide your profit and loss statements. You will also have to present bank statements. You may have to provide evidence of your income for up to two years prior to filing for bankruptcy.
Include Tax Returns
Most of the time, when you file for bankruptcy, you are going to need your tax returns. If you do not have tax returns or if you did not have to file your taxes, then you will need to explain why you never filed. Normally, a letter of explanation will work for this. Now, this only works if you have a valid reason for not filing. If you had no reason not to file, then you will have to file before you continue.
Include Real Estate and Vehicle Statements
If you own property, then you will need to include the real estate market value and your mortgage statements. You will need to show your loan balances and the documentation that involves your home. Likewise, you will need to include your vehicle registration and proof of your car’s value. You may also have to include your payment amounts. Make sure to ask your lawyer what property you need to include.
Filing for bankruptcy can be a complicated process. Once you are sure that this is the route that you want to take, you will want to meet with a bankruptcy lawyer. In fact, you will probably want to meet with a lawyer before you decide to file. When you work with an attorney, you will know exactly the types of documents you need to be able to file for bankruptcy. Contact a bankruptcy lawyer in Tampa, FL today to make sure you have all of the appropriate documents.
Thanks to The Law Office of Michael A. Ziegler, P.L. for their insight into bankruptcy law and what documents to include when filing.