If you have decided to file for a Chapter 7 bankruptcy, here is a checklist to help you organize all the documents you will require at that time. According to Dallas based law firm, you need to disclose all financial details when you file for bankruptcy. The checklist of documents provided below is a comprehensive list of documents you require at every stage of Chapter 7 bankruptcy.
Documents required to complete Chapter 7 forms
A lot of information is required when you file for bankruptcy. A Chapter 7 petition is approximately 50 pages in length. Some of the documents you require to submit along with it include:
- 6 months of pay-cheque stubs and bank statements
- Tax returns of the last two years
- Current investment and retirement statements
- Current mortgage and car loan statements
- Home and car valuations (printouts from online sources can be used)
- Property list with values (grouping small items like clothing, cookware etc. can be done)
- Repair estimates for the damaged property (photographs can also be used)
- Credit card, collection, and other billing statements
- Current credit report (free copy is available online)
- Your Driver’s license and Social Security card
- Credit counseling completion certificate
If you are hiring a lawyer for filing the bankruptcy papers, these documents can be helpful during the initial consultation. Being prepared for the process makes you a preferable candidate too. In case you need a consultation with a bankruptcy lawyer, you can call (888-297-6203).
Documents required after filing for Chapter 7 bankruptcy
Once you have filed for bankruptcy, the court would require you to provide information requiring the mandatory post-filing bankruptcy course. The list of documents you would require in this case includes:
- 60 days of pay-cheque stubs or other proof of income received from an employer
- Most recently filed tax return (tax transcript would also work)
- 60 days of bank statements
- Debtor’s education course completion certificate
These documents are generally sent to the Chapter 7 bankruptcy trustee appointed for your case. These documents are due one week prior to the date set for the creditors’ meeting which is mandatory for all filers to attend.
Advantages of submitting the forms earlier:
Apart from being prepared, the other advantages of submitting the documents earlier include:
- You can finish the procedure sooner. Since several debtors are scheduled for their respective 341 meetings at the same time, submitting documents early can get you a hearing first. Complicated cases or cases where documents are not ready are generally heard later.
- You can prevent any unnecessary delay and continuance if you already submit documents prior to the 341 meeting. The trustee will have time to overview these and you can rectify any issue that might arise with minimal efforts.
Some states require the debtor to file pay-cheque stubs along with the bankruptcy paperwork with the bankruptcy court. Find out the local rules by calling the court clerk or through the court’s website to avoid any problems later.
Additional documents required by Chapter 7 Trustee
Apart from the above-mentioned documents, you might also need to submit the following documents to the bankruptcy trustee:
- additional pay-cheque stubs and financial statements
- Profit and loss statements and proof of liability insurance in case of a business
- Photographs and valuations of rare, antique, or collectible items
- Mortgage and car loan statements showing the current amount owed
- Marital settlement agreement or divorce order
- Other documents related to your finances
In case the trustee asks for additional documents at the creditors’ meeting they might continue the meeting to review them. However, most trustees might cancel an extension on getting the acceptable documentation beforehand.
