If you need to file bankruptcy, you’ll have to take stock of what you earn, what you own, and what you owe. To comply with the requirements for filing bankruptcy, the following information must be provided:
- Proof of income from all sources for the last six months, ending on the last day of the last month, including:
- Copies of any pay stubs for the last six calendar months;
- Copies of any unemployment benefit statements and benefit statements from any other sources, such as disability; and
- If you own your own business or are a contract employee, a profit and loss statement covering the last six calendar months.
- Copies of your federal income tax returns for the last two years.
- Copies of your most recent bank statements for all accounts, including investment and retirement accounts.
- Copies of your most recent billing statements for each debt, including home loans, car loans, credit cards, medical bills, and other accounts, including those from collection agencies
- Copies of your loan documents for car loans and mortgage loans
- Copies of your driver’s license and Social Security card
- If you pay or receive child support, the name and address of the person receiving or providing the support; the amount of support owed or owing; and a copy of the court order requiring that payment.
- Copies of papers from any lawsuits, liens, or garnishments.
- A certificate of credit counseling from a certified credit counselor.
Issues to Address Before A Bankruptcy Filing
With this information, we can confidently identify any issues that need to be addressed before your bankruptcy is filed. These issues could include your eligibility to file bankruptcy, or your ability to keep your property through a bankruptcy filing.
Eligibility to File Bankruptcy
Your eligibility to file bankruptcy is primarily based on whether you have recently filed bankruptcy, and whether your income levels are higher than allowed for a Chapter 7 “straight” bankruptcy filing. If your income is too high for a Chapter 7 filing, you would usually still qualify for a Chapter 13 bankruptcy. We will work with you to file under the appropriate chapter of the Bankruptcy Code, and obtain the greatest financial relief that is available.
Keeping Property Through Bankruptcy
Your ability to keep your property through a bankruptcy filing depends on whether your property is exempt under federal and state law. Your property has a predictable dollar value, and the ability to protect property is based on those values, and the exemptions that are allowed by law. Our job is to protect your residence, your vehicles, your household goods, and the things that make a house a home. Fortunately, the vast majority of bankruptcy cases do not require any property to be surrendered. If we anticipate any issues with protecting your property, we will discuss that with you in advance, and plan accordingly.
Davidson Backman Medeiros PLLC Can Help
Davidson Backman Medeiros PLLC helps individuals in Spokane, Seattle and throughout the States of Washington and Idaho file for bankruptcy under Chapter 7 and Chapter 13. Davidson Backman Medeiros PLLC is a debt relief agency under federal law, and we’d appreciate hearing from you with your comments and suggestions.