When filing Chapter 13 bankruptcy, unfortunately, it requires more than just filling out a form and handing it to your bankruptcy attorney to submit. You will need to provide a lot of information about your financial situation. Your attorney and the court will need to know your entire financial picture – from your debts to your earnings and everything in between – to help you assess what you owe to creditors, what excess income you have, and what your repayment plan looks like.
Some of the forms you will need when filing Chapter 13 are:
- Tax Returns: When filing Chapter 13 bankruptcy you will need to provide tax returns for the past four years. If you were not required to file, then you will need to submit a letter explaining why you did not need to file a return. Your bankruptcy attorney can help you write this. If you failed to submit a return, you may be required to do so during the bankruptcy proceedings.
- Income Statements: To file for Chapter 13 bankruptcy, you need to have a steady income to adhere to your repayment plan. You will need to prove to the court that you have income by providing your last two W-2 forms, your paystubs from 6 months before filing for bankruptcy, and proof of any other income. This can include social security benefits, disability benefits, or other sources of incoming funds. If you are self-employed, you may need to provide a year-to-date profit and loss statement, as well as for two years before filing for bankruptcy.
- Proof of Real Estate Value: If you own a home or another type of real estate, you will need to show the court the current value of the property. You may need to provide an appraisal or other form of proof of the market value. If you have a loan on the property, you will need to provide mortgage statements showing your current loan balances. You might also be asked to show proof of home insurance or the deed of trust.
- Vehicle Registration and Value: You will need to provide proof to the court of the value of your vehicle. In most cases, information from Kelley Blue Book should suffice. If you are still paying off a loan on the vehicle, you will need to provide a recent statement showing your loan balance and what your monthly payment is. You may also need to show your registration and proof of insurance.
- Bank and Retirement Account Balances: You will need to be prepared to provide your most recent bank statements for all accounts you own. You will also need to provide statements of your retirement accounts.
- Identification: With all of the other information you need to provide, you might overlook perhaps the most obvious – your identification. You will need to show the court a photo identification and your social security card.
- Proof of Credit Counseling: One of the court’s requirements before bankruptcy proceedings begin is to complete a credit counseling course. You will need to provide the court with a certificate of completion before filing for bankruptcy.
While these are common documents you will need to provide during a Chapter 13 bankruptcy, it is not an exhaustive list. Depending on your particular situation, you may need to show other documents or statements as well. Your bankruptcy attorney can help you determine what you need to provide to the court to ensure you are giving the court everything it needs.
Contact Us for Help Filing Chapter 13 Bankruptcy
If you are considering filing Chapter 13 bankruptcy to cope with mounting debt, it’s crucial to hire an experienced attorney to help you through the process and protect both yourself and your business. Our experts can help you correctly navigate the Chapter 13 bankruptcy proceedings. Don’t let debt ruin your life. Call (405) 529-9377 for a free case review.