Filing for Chapter 13 bankruptcy is a big decision that will impact your life now and in the future. Once you understand what the process entails, it's easier to get on board with the idea of efficiently moving forward.
Here are five things you should collect before filing for Chapter 13 bankruptcy:
- List of creditors: Not only should you have a list of creditors, but also make note of the amount of their claims.
- Source of income: The best way to prove your income, if you have any, is by collecting your last six months' worth of pay stubs.
- List of property: A list of all your assets, such as your home and cars, is required. You should also print out copies of bank and retirement account statements.
- Monthly living expenses: In addition to a copy of your budget, document the numbers such as by making copies of all your bills.
- Tax information: To go along with recent tax returns, make note of any unpaid taxes. Play it safe by collecting your past three years of federal tax returns. It's better to have more information than not enough.
You are required to provide the court with a lot of information when filing for Chapter 13 bankruptcy. Having this readily available will allow you to proceed in a timely manner.
Even though there's nothing simple about Chapter 13 bankruptcy, the right knowledge will allow you to make your way through the process and reach your goals. Once your repayment plan is in place, you'll feel good about your ability to finally regain control of your finances.
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