What Documents Do I Need To File Chapter 7 Bankruptcy?
A Lawyer’s Guide To Filing Chapter 7 Bankruptcy
The vast majority of people who file for bankruptcy in Nevada file a Chapter 7 bankruptcy. For many people, this is an effective way forward. As soon as you file, an automatic stay will be placed on your credit, which means immediate relief from debt collectors and creditors. An automatic stay can provide essential breathing space for many people who are feeling overwhelmed with their financial situation and need time to plan their next steps.
What Is A Chapter 7 Bankruptcy?
There are multiple ways to file for bankruptcy, but Chapter 7 is the most common. After your petition is accepted, a bankruptcy trustee will be assigned to oversee your case. The bankruptcy trustee will examine your situation, your debts, and your accounts, and make a plan to pay off your debts.
Some of your assets will be sold to pay for your debts, although you will be able to keep your primary home, vehicle, and some other assets, such as retirement accounts. After your debtors have been paid with the proceeds from the sale of your assets, any remaining debts will be discharged and the bankruptcy will be complete. Some debts, such as taxes, alimony, student loans, and child support, cannot typically be discharged in a Reno Chapter 7 bankruptcy. Although the bankruptcy will remain on your creditor for ten years, you’ll enjoy freedom from creditors and can move forward without the weight of overwhelming debt.
What Documentation Will I Need to File?
Although bankruptcy requires quite a bit of paperwork, it can be easier to file than you might realize. But before you can file your bankruptcy petition, you’ll need to gather some financial documents and records so that you have the information you need for your petition. Your Reno bankruptcy attorney will assist you and do their best to make the bankruptcy filing process as simple as possible.
The documentation you’ll need to provide in order to file your Chapter 7 bankruptcy petition includes:
You’ll need to prove your identity in order to file. This can include your driver’s license and social security card, or another way to verify your social security number.
You’ll need a copy of your two most recent tax returns in order to file for Chapter 7 bankruptcy protection. If you are not required to file a tax return, your Reno bankruptcy lawyer can prepare an affidavit on your behalf stating that you are not required to do so.
Proof Of Income
You’ll also need to provide proof of income. At a minimum, you’ll need to provide paystubs from the last 60 days, but it’s best to include the last six months. This includes income statements or other proof of wages. Be sure to include social security, disability, unemployment, and other benefits, along with alimony and child support, if applicable.
Federal bankruptcy regulations allow your bankruptcy trustee to view the last two years of your bank statements, but in most cases, you’ll only need to provide statements from the last six months with your Chapter 7 bankruptcy petition. You’ll also need statements from other accounts you may have, such as investment accounts, retirement accounts, cryptocurrency, and any other financial accounts you hold.
Obtain a recent copy of your credit report so that you have a full list of your creditors available for your petition. Because information can vary between credit bureaus, obtain a copy from all three major credit reporting agencies to be sure that you are able to provide complete information in your bankruptcy petition.
Record Of All of Your Debts
You’ll also need to provide a comprehensive record of all of your outstanding personal debts, including credit card debt, personal loans, private loans, medical bills, and any other debt you may carry. More information is always better when it comes to filing for Reno Chapter 7 bankruptcy, so be sure to discuss your situation confidentially with your attorney for the best outcome.
Get The Guidance You Need From An Experienced Bankruptcy Attorney In Reno
Filing for bankruptcy is a big decision, but it doesn’t have to be overwhelming. Find the guidance and support you need from Zero Down Bankruptcy of Reno. We are among the most experienced bankruptcy law firms in Nevada and have successfully guided hundreds of clients through the process. Plus, you don’t need to put any money down in order to get started with our firm! We offer flexible and affordable legal guidance when you need it most. Get in touch with us today to schedule your free, confidential consultation and learn more about how we can help you with bankruptcy.
Zero Down Bankruptcy Lawyers Of Reno
Phone: (702) 842-0700
5552 Ashley Creek St
Las Vegas, NV 89135
North Las Vegas:
7251 W Lake Mead Blvd
Las Vegas, NV 89128
1489 W Warm Springs Rd #110
Henderson, NV 89014