Chapter 13 bankruptcies remain a top choice for most people who are deep in money issues. The road to being declared bankrupt is complex and it will be necessary for you to provide extensive documentation. Ideally, you need records to support the information you provide about your financial resources, income and debts. It pays to work with a seasoned attorney who could help ensure that you do not make any costly mistakes. If you want to file for bankruptcy Santa Cruz could offer you a reliable number of top rated attorneys.
People hardly get declared bankrupt overnight. The unfortunate truth is that your journey will neither be quick nor easy. Even so, you want to gather all the vital information before you submit your petition. This will help in ensuring that the courts have enough evidence and your attorney can try to speed up the whole process.
The first documents that you should prepare are those that verify your income. For your case to be successful, the courts need to affirm that you are not in a position to catch up with your debts and hence protection under chapter 13 is important. Your documents would also show that you are in a position to produce adequate income to settle your monthly bankruptcy payments.
Small businesses filing for bankruptcy under chapter 13 have to provide their pay stubs for the prior six months. They also need to table documents that will enable the courts to understand their profit and loss margins for the past six months. For your documents to be adequate, you also have to table your business investment and security account statements.
You will also need to provide three years of tax return forms. In case you have not been filing your returns or you have not done so for a while, leading up to your current money problems, you will be required to do the necessary before submitting your petition. It pays to understand that bankruptcy does not erase most unpaid taxes.
You have to prepare forms that will show a detailed summary of all your debts. Make sure that nothing is left out including your medical, utility and tax debts. You also want to mention all loans that you are yet to pay in full. Any debts that will not appear on your list are likely to be discharged by the courts. Only in very rare cases will they be considered.
Finally, all your financial documents should be in order. For a petition to be evaluated, a court appointed trustee will have to identify your assets, including your retirement account statements. The professional will need your investment and bank account statements and even forms for your life insurance coverage with cash value.
Preparing financial documents is often the most challenging part. Keep in mind that the trustee will also need to know about inheritances that you have or you expect and you also have to provide information regarding any pending lawsuits. Fortunately, the attorney you hire would help you prepare the necessary paperwork and generally ensure that you have a fair chance of getting a fresh financial start.
People hardly get declared bankrupt overnight. The unfortunate truth is that your journey will neither be quick nor easy. Even so, you want to gather all the vital information before you submit your petition. This will help in ensuring that the courts have enough evidence and your attorney can try to speed up the whole process.
The first documents that you should prepare are those that verify your income. For your case to be successful, the courts need to affirm that you are not in a position to catch up with your debts and hence protection under chapter 13 is important. Your documents would also show that you are in a position to produce adequate income to settle your monthly bankruptcy payments.
Small businesses filing for bankruptcy under chapter 13 have to provide their pay stubs for the prior six months. They also need to table documents that will enable the courts to understand their profit and loss margins for the past six months. For your documents to be adequate, you also have to table your business investment and security account statements.
You will also need to provide three years of tax return forms. In case you have not been filing your returns or you have not done so for a while, leading up to your current money problems, you will be required to do the necessary before submitting your petition. It pays to understand that bankruptcy does not erase most unpaid taxes.
You have to prepare forms that will show a detailed summary of all your debts. Make sure that nothing is left out including your medical, utility and tax debts. You also want to mention all loans that you are yet to pay in full. Any debts that will not appear on your list are likely to be discharged by the courts. Only in very rare cases will they be considered.
Finally, all your financial documents should be in order. For a petition to be evaluated, a court appointed trustee will have to identify your assets, including your retirement account statements. The professional will need your investment and bank account statements and even forms for your life insurance coverage with cash value.
Preparing financial documents is often the most challenging part. Keep in mind that the trustee will also need to know about inheritances that you have or you expect and you also have to provide information regarding any pending lawsuits. Fortunately, the attorney you hire would help you prepare the necessary paperwork and generally ensure that you have a fair chance of getting a fresh financial start.
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