Filing for Chapter 7 or Chapter 13 bankruptcy can feel overwhelming, but you’re not alone. At Robert J. Adams & Associates, we’re here to help guide you through this challenging time and get you back on track to financial stability. Below is a helpful guide to what you’ll need when preparing for bankruptcy, designed to make the process as smooth and stress-free as possible.
- Recent Pay Stubs: Collect pay stubs for the last 60 days. The technical term is “pay advises.”
- Identification: Driver’s license or State ID and your Social Security card.
- List of Debts: Your lawyer can pull your free credit report, or you can obtain a consolidated report from all three credit bureaus.
- List of Property: Include all real estate, vehicles, and personal property.
- Court Documents: Gather any documents related to foreclosures, judgments, liens, garnishments, etc.
- Outstanding Tickets and Tolls: Include any parking tickets or money owed to the Illinois Tollway Authority.
- Tax Returns: Provide tax returns for the last two years for Chapter 7, or the last four years for Chapter 13.
- Credit Counseling Certificate: Before filing, you must complete a credit counseling course, which can be done online or by phone.
Detailed Information
Pay Stubs and Income verification
- I haven’t worked for the past 60 days or only worked part-time. We can draft a declaration for the missing dates.
- iI you receive Social Security, a Pension, or Unemployment, provide proof.
- If you’re married and living together but filing alone, include evidence of your spouse’s income.
- For self-employed individuals, provide details of your income and business expenses.
- Your income is erratic (seasonality, overtime for a short period, bonuses, etc.). More detail may be needed.
Social Security Card
- If you don’t have a Social Security card, an ITIN or EIN card can be used instead.
Debts
- Some debts, such as tax debts, pending lawsuits, child support, parking tickets, and recent medical bills, might not appear on your credit report.
Property
- List all real estate, vehicles, and personal property, including electronics and appliances.
- Include any personal injury or workers’ compensation cases.
Court Documents and Collection Letters
- Provide all relevant documents to your lawyer.
Income Tax Returns
- I am not required to file income tax returns for one or more years. Then, a Declaration can be substituted. I only receive Social Security or a small amount of Unemployment.
- I did not work for one or more years.
- I don’t have copies of my IRS returns: follow this link to order them in seconds: https://sa.www4.irs.gov/irfof-tra/login
- I did not file because I didn’t get around to it or owed money. Not good enough. Even if you get a lawyer to file your case, the court will soon dismiss it. You will have wasted your money and time. File your taxes even if you owe money.
Credit Counseling
- Complete a credit counseling course and obtain a certificate before filing. This certificate is valid for 180 days.
- The course is over the internet or by telephone.
While this guide covers most situations, it’s always best to consult an experienced bankruptcy lawyer to address your needs. At Robert J Adams & Associates (also known as The Bill Slayer), we go over every detail and help you through the entire process from A to Z. These steps help the process proceed smoothly so you can have a brighter financial future.