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Preparation Needed for Chapter 7 Bankruptcy

If you intend to file for bankruptcy, it is important to take certain steps prior to filingso that your bankruptcy goes smoothly. In some instances, stopping automatic payments, moving your cash to other accounts and ensuring that you are up to date with utility bills will mean that your money is where you need it to be during bankruptcy. Below are the things you should do to prepare for a Chapter 7 bankruptcy:

1. Obtain Credit Reports

It is very important that you have latest credit report, as well as copies of all other bills when filing for a Chapter 7 bankruptcy. This makes it easy for the preparer to accurately prepare your case.

Tips:

  • Credit reports should be no older than 60 days
  • If you realize that there are additional bills you cannot see on your report, bring them in as well
  • If it is possible to get all the three reports, that is even better

2. Gather All Information Pertaining to Your Income

When filing for a Chapter 7 bankruptcy, your recent income information will be required. Income information will include tax returns for the last 2 years, bank statements for previous 60 days, as well as check stubs also for the last 2 months (60 days). Such information is crucial to the preparer because it helps them not only to assess your financial position, but also accurately prepare your bankruptcy documents.

3. Trace All of Your Property

It is important to locate and obtain all information pertaining to your property. This will include mortgages, vehicle titles, recorded deeds, 401K information, as well as any other investment statement. Also, things such as real property and payment coupons are necessary. The information is critical in helping the preparer assess and exempt your assets.

4. Put Together Your Identification

Note that you will be required to produce social security card as well as photo identification. There is no way your case can be filed in the absence of such crucial documents.

After putting together all the above information, the next step is to get in touch with a lawyer so as to schedule a consultation, which will get you started on your case.It is important that your find a skilled lawyer, even better if you can find one that is versed in bankruptcy filings. If you are in the Columbus, Ohio area, the law offices of Semons & Semons can assist you with preparing and filing your bankruptcy.

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