What Forms and Paperwork Do I Need To Gather Before I File Bankruptcy?

For many people, the hardest part about filing bankruptcy is gathering the necessary paperwork.

The Court wants a complete picture of your finance not only on the day you file, but for the six months prior, and for taxes, even farther back than that.

You, or your lawyer, will need to put all this information into forms about your income, expenses, assets, and secured debts.

Here's what you need to get started:

If you hire a lawyer, you will still need to provide the court with all this paperwork.

You have up to 15 days after you file your petition to supply the required paperwork, but you'd better be ready before you start the process. 

This paperwork is required and your case can't go forward without it. And you'll need to gather it whether you hire a lawyer or not.

In addition to the forms, you will need various records and documents to complete the paperwork, such as:

1. Pay stubs or proof of income for the six months prior to filing.
2. Federal and state income tax returns for the last two years.
3. Bank statements for the last 60-90 days.
4. A list of all your creditors, including their names, addresses, and account numbers.
5. Documentation related to any outstanding loans, mortgages, and other debts.
6. Records of any property you own, including real estate, vehicles, and personal property.
7. Documentation of any retirement accounts, investments, and insurance policies.
8. A list of monthly living expenses.

Pay Stubs or proof of income for last six months

The means test is interested in your last six months of income to see if you have too much income (after expenses) to qualify for Chapter 7.

Federal and State Tax Returns for the Last Two Years

There are ways to get transcripts of these from the government if you don't have them. 

Bank Account Statements from the last 90 days 

If you have a bank, you'll need your last six months of statements from the bank.

Any Credit Card or Loan Statements, Collection Letters, to make a list of all your Creditors and their Addresses

You can only discharge debts you list, so it's important to list them all and not leave any out. And you must include all debts, even loans from family members and friends. 

Records of Any Property You Own, including Real Estate, Financial Accounts, Retirement Assets, investments and insurance policies

Even though some assets may be off-limits to the bankruptcy court, you still have to disclose everything, even assets the bankruptcy court can't reach, like your retirement accounts.

See: What's Included in your "Bankruptcy Estate"

Here's the paperwork you need for a 341 meeting

Once you file, you'll be expected to appear at a 341 meeting.

Using Your Smartphone to Create PDFs 

You Can Use Your Smartphone Camera to make PDFs

These days, smartphones have apps you can purchase that or are built in the operating system that allows you to be able to create PDFs just by pointing your camera at documents.

Apps

Apps for iPhone

The Notes app on your iPhone has a built in scanner that works great for making PDFs from paper records. 

Apps for Android

TBD...

Common Mistakes When Making Scans

If you do get one of these apps, be sure to make complete copies the front and back of any documents you scan.

Scan EVERY PAGE of all statements, Front and Back!

• Scan EVERY page of your bank statements , not just the pages that show the balance. The court wants EVERY PAGE, front and back.
  • You may be able to download PDF versions of your bank statements.
  • You may be tempted not to include pages that include just boilerplate fine print, but if a statement says 4 of 10 pages, be sure to scan all 10 pages even some are just boilerplate. The court doesn't know what's on pages you omit. They want to see EVERY PAGE.