Debt Relief

Property & Assets

Bankruptcy FAQ

The documentation needed to file for bankruptcy

On Behalf of | May 17, 2022 | Bankruptcy

When bills and debts pile up, filing for bankruptcy may offer a welcome fresh start.

Whether filing for Chapter 7 or Chapter 13 bankruptcy, the following documentation will prove helpful:

Proof of income

Tax returns and pay stubs establish your income. Provide at least six months of pay stubs and two years’ worth of all tax returns. Provide documentation of disability payments, workers’ compensation payments and unemployment checks as income. If you have received notice about wage garnishment due to your debts, provide this documentation.

Description of assets

Chapter 7 involves a bankruptcy trustee selling your nonexempt property to pay what you owe. Be prepared to provide a list of all assets, including current appraisals of your home, vehicles and jewelry.

Description of debt

Chapter 7 can discharge certain unsecured debts, such as credit card debt and medical debt. In contrast, Chapter 13 involves paying off debts according to a payment plan. Knowing what type of debt you owe is essential; maintain a list of all your creditors and keep monthly statements showing the amount of debt owed to each.  If needed, we can provide a credit report.

Other financial and legal documents

If someone is helping you file for bankruptcy, provide any legal notices from creditors, letters from debt collectors or notices of foreclosures or repossessions. It would help to keep bank statements dating back at least three to six months and any other financial records. Provide as much documentation as possible to help create an accurate picture of your current financial situation.

Filing for bankruptcy in Louisiana involves filing a two-page petition in the district bankruptcy court. The documentation you gather can help you determine if any of your property is exempt from seizure.