The law requires individual filing for bankruptcy to provide some documents. Most of these documents are intended to provide an insight into the financial status of the individual for the past couple of months or years. They also try to identify the existing sources of income.
These documents are:
- Tax Returns
Trustees insist that tax returns must be provided when filing for bankruptcy. Those who have no tax returns must explain why they did not file their tax returns. If their reasons are not valid they are forced to make the returns before proceeding with the process.
The tax returns requested for vary depending on the trustees. Some demand for the latest while others may ask for older tax returns.
- Income Documentation
Pay slips must be provided if the applicant is employed. Self-employed people must provide profit and loss statements for the past six months and their bank statement for the same period. The bank statement is meant to support the information provided in the profit and loss statement. Any other sources of income should also be mentioned and proof of the source provided.
- Real Estate Documentation
Individuals who own real estate must provide valuation of their property. This valuation may be online, broker's price opinion, or a valuation from other trusted sources. Proof of any mortgage attached to that property must be provided and also statements showing loan balance, home insurance and deeds trust.
- Vehicle Documentation
Documents related to any vehicle owned by the applicant must be provided. These documents include vehicle registration documents, proof of insurance and vehicle valuation. If a car loan exist documents showing the amount owed to the financial institution must be provided. The monthly installments of that loan must be provided.
Any other financial commitment such as alimony or child support must be mentioned and documents provided to prove the existence of such payments. Any other unusual expense must also be mentioned and proof must be provided.
A valid photo such as driver license photo and social security's number must be provided during hearing to validate the identity of the applicant.
All these bankruptcy documents must be provided where applicable for the bankruptcy filing process to go through.