Document Checklist: What Petitioners Need to File According to a Bankruptcy Lawyer in Raleigh, NC

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    Filing for bankruptcy involves completing a number of legally required procedures and submitting necessary financial statements. The court needs to get a clear idea of the petitioner’s debts, assets, and spending to determine eligibility for bankruptcy. To ensure a smooth filing process, debtors must gather all the necessary documents. Petitioners are advised to work closely with a bankruptcy lawyer in Raleigh, NC before the filing to make sure they do not miss anything.

    7 Documents Required for Bankruptcy Filing

    Bankruptcy is designed to wipe out or lessen debts and give individuals a fresh start. Here are some documents that petitioners need to present to prove their eligibility:

    1. Income Documentation

    The court requires a complete picture of the petitioner’s earnings to determine whether they are eligible for Chapter 13 or Chapter 7 bankruptcy in Raleigh. Debtors need to provide documents for the following:

      • Six months’ worth of pay stubs prior to filing
      • Last two W-2 forms
      • Other types of income, such as investment income, disability, and social security
      • For self-employed individuals, six months’ worth of profit and loss statement before the filing

    For petitioners who fall under Chapter 13 bankruptcy, these documents will also be used to decide their repayment plan.

    1. Real Estate Value

    Some state laws allow debtors to exempt a portion of their housing equity. To qualify, property owners will need to provide proof of ownership and other required documentation of any real estate value they own. This may include a copy of the deed and mortgage, appraised or estimated home value, proof of insurance, and more. A bankruptcy lawyer in Raleigh, NC can guide petitioners through North Carolina’s exemption laws to help them retain what they can.

    1. Vehicle Documentation

    Debtors who own a car must provide proof of value and ownership and paperwork of any auto loans. Most trustees accept an online printout of the proof of value. However, you need to check with your Raleigh bankruptcy attorney first to complete the necessary paperwork.

    1. Tax Returns

    Petitioners need to provide a copy of at least two years’ worth of tax returns to the bankruptcy trustee. This period may vary if the debtor has variable income, or if there are clarifications regarding the circumstances of their filing.

    1. Financial Records

    To qualify for Raleigh bankruptcy, petitioners need to prove that they are unable to pay their debts. To do this, the petitioner will need to provide bank statements, retirement statements, and documentation of any money transfer before the filing. Debtors must also submit any other financial information relevant to the bankruptcy.

    1. Proof of Credit Counseling

    Federal law requires all petitioners to complete credit counseling before beginning the bankruptcy process. This is to help them maximize their debt forgiveness by building positive financial habits. Once completed, debtors must provide documentation that shows they have finished the credit counseling course.

    1. Proof of Child Support or Alimony

    Bankruptcy does not eliminate child support or alimony payments, and the court needs to know if these will affect the petitioner’s ability to pay. Debtors must present a certified copy of their court order as part of their bankruptcy paperwork.

    Be Prepared with Trusted Raleigh Bankruptcy Attorneys

    Working with our bankruptcy office will help you avoid mistakes and increase the chances of filing success. Call Weik Law Office today at 919-845-7877 for a free consultation, and set up a time to speak with one of our friendly professionals.

    Use our online contact form, or call us at 919-845-7877 for more information, or for a FREE consultation