Are You Thinking About Filing for Bankruptcy? Learn Tips to Help You Succeed

Are You Thinking About Filing for Bankruptcy? Learn Tips to Help You Succeed Bankruptcy is undoubtedly a major commitment and may seem like a last option. Throughout this process, our main goals are to heal you, lessen your stress, and give you back control over your finances. For many people, Chapter 7 or Chapter 13 are perplexing and frightening. As we put their filing together, there are some fairly standard things I ask every client to complete.

We need to acquire proof of your complete financial situation before you file so that we can file accordingly. Although creditors and collection agencies can be intimidating, I can assure you that there will soon be some respite. Let’s start off by talking about the documents you’ll need for your file and what you should do to get ahead of all that debt.

Gather your state and federal income taxes

We will need to provide your most recent tax returns to the bankruptcy courts, even if you owe money to the IRS that you are unable to pay right now. Have you filed recently? That’s alright. Please gather your income and expense statements in one location so that we can go over them during your intake call. We might be able to mitigate some of the fees and penalties if you owe money but haven’t paid through your bankruptcy process.

Compile your credit card statements

We require all of your credit card statements to get a thorough view of your debt situation. That includes most recent billing statements for credit cards, notices of collections, judgments, and liens. We need to know precisely who or what you owe money to and how much they claim you owe before we file. We can collaborate to determine your real totals after I am appointed to represent you in your Chapter 7 or Chapter 13 case.

Take financial statements into account

Any financial statements are essential—a better term would be foundational—to your bankruptcy filing. This includes 401K statements, investments in bonds and stocks, Social Security records, banking records, and other financial records such as earnings from side hustles like Uber, etc.

You should be prepared to download and print your monthly statements if you just have an online bank account.

Gather documents involving your home if you are a homeowner

If you own a house, we’ll deal with the courts through a Chapter 13 filing. First, we must connect the following to the house: tax records for real estate, mortgage disclosure, proof of all recent payments, if any, mortgage documents, evidence of the item’s fair market worth, and any records relating to a possible or ongoing foreclosure.

When you contact Law Offices of Terrence Fantauzzi at (909) 552-1238, we can go over all the documents that will be necessary for your specific situation. Contact us now to learn more about your options.

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