Considering Filing For Bankruptcy? Start Gathering These Legal Documents
Essential Documents Needed To Declare Bankruptcy In Nevada
To declare bankruptcy, you must file a document with the court detailing your financial situation that is typically at least 50 pages long. You can either draft and file this document yourself, or hire an attorney to do it for you. There are several documents that will be necessary when drafting your bankruptcy petition. Whether or not you hire a bankruptcy attorney in Las Vegas, you will need these documents. You will need to provide them to your attorney so they have the necessary information to draft your petition. If you file pro se, you will need them for your own reference and to provide to your trustee. Check with your Las Vegas bankruptcy attorney how they prefer for you to submit your documents, as many of these have sensitive information in them.
Client Information Packet
Your Nevada Bankruptcy Lawyers will likely have some type of form or packet for you to fill out once you retain. Filling out this form will be far more efficient than providing it to your attorney verbally. You will need to include information like current and former addresses, family information, and more. It’s best to submit this information as early in the process as possible in case an emergency situation arises.
Pay Stubs Or Other Income Information From The Last 6 Months
Your average income over the past 6 months will be used to determine whether you qualify for Chapter 7. If your income surpasses your state’s median income for your family size, you will need to pass the Means Test to qualify for Chapter 7, or file Chapter 13 instead. The Means Test deducts mandatory expenses (including those automatically taken from your paychecks) to determine if you have enough disposable monthly income to pay your debts. Even if your disposable monthly income is too high to qualify for Chapter 7, it will be used to estimate how much your plan payments would be in a Chapter 13. Therefore, it’s ideal to have your pay stubs ready for your bankruptcy consultation.
Forms Of Identification
If you have lost any of your forms of identification, now is the time to request replacements. You will need to present your trustee with your social security card and driver’s license or other approved photo identification at your 341 Meeting of Creditors. There also may be spelling discrepancies on your forms of identification that need to be noted. If you don’t have a social security card, you can use an original W-2 in its place.
Many of our clients are one or more years behind on tax filings. Even if you are current, you may not have physical copies or access to copies of your returns. It’s better to take care of these issues before you begin the bankruptcy process, not after. You should have at least two years of tax returns available for the purposes of drafting your petition. Bankruptcy trustees frequently request copies of your tax returns while reviewing your petition.
Unless you have a fairly accurate idea of the terms and remaining balance of your auto loan, you should have this available during bankruptcy preparation. It will be relevant for determining your disposable monthly income in the Means Test, and calculating your payments in Chapter 13. If you file Chapter 13, you will need to pay the full balance of your loan in your plan, which will last either 3 or 5 years. This can either shorten or extend the term of your loan, so you will need to plan accordingly. Having your loan information available will also help you determine how much equity you have in your vehicle, and if it is protected by your state’s motor vehicle exemption.
Because your petition must present a thorough view of your assets and debts, you will need to include information about any vehicles that you own. If you file Chapter 7, you will also need to confirm that they are protected by your state’s bankruptcy exemptions. A vehicle registration will give your attorney more detailed information with which to estimate your car’s value.
Bills That Might Not Be On Your Credit Report
Your Vegas Zero Down bankruptcy attorney will be able to pull your credit report and transfer all reported debts to your creditor mailing matrix if provided with your social security number. Some debts, especially those that are more recent or are from medical providers, may not be on your credit report yet. You should provide your attorney with any bills that may not be on your credit report so they can be manually added to your petition.
Divorce Documents & Child Support Orders
Divorce documents are important because your spouse (or ex spouse) may unknowingly be a codebtor on some of your debts if you live or lived in a community property state. Any child or spousal support payments will also be relevant in determining your disposable monthly income. Because these may be relevant to figuring out which chapters you qualify for, you should have this information ready early in the process.
Depending on the state in which you file your bankruptcy, there may be a strict limit on how much money can be in your bank account on your day of filing. You will also need to be wary of your spending on luxury items and cash advances from your credit card in the period leading up to your bankruptcy. Don’t forget to include information about bank accounts that you closed within the last year.
In most cases, pensions and other retirement accounts will be safe in bankruptcy. You will still need to include information about them in your petition, so be ready to make this information available to your attorney. Stocks and other investment accounts may not be safe, so you should make your attorney aware of them during your consultation.
Contact Our Las Vegas Bankruptcy Attorneys With Additional Questions
Based on your unique circumstances, there are several other documents that may be necessary for you to prepare for bankruptcy. An experienced Vegas bankruptcy attorney will help you figure out which documents you need. Competent legal representation will make every step of the bankruptcy process easier as well. To speak with an experienced bankruptcy attorney you can trust, call our firm for your free consultation today. Our dedicated staff and attorneys will help you make an informed decision about bankruptcy so that you can feel more confident and secure during the process.
Our Las Vegas Bankruptcy Attorneys offer payment options to work with your budget, including post-filing payment plans starting at Zero Dollars Down. We also offer same-day appointments and fast emergency filings. To get started, call or use our online form to schedule your free consultation today.
Las Vegas Bankruptcy Lawyers