The MN Bankruptcy Blog | Learn the Bankruptcy Process & More

What Documents Should You Gather to File for Bankruptcy?

Written by William Kain | January 23, 2019 at 6:02 PM

When you file for bankruptcy, you’re basically asking the bankruptcy court to relieve you of the obligation to pay some or all of your debts. As part of that process, you need to demonstrate to the court that you can’t pay all of your creditors in full. As a result, you will need to submit what may seem to be an overwhelming amount of paperwork to the court and the other parties to your bankruptcy case. This is intimidating for many people, especially if they don’t have an attorney to represent them. The documentation you submit is critical if you want your case to be successful - failing to submit the correct documents can jeopardize your case and even result in it being dismissed.

In this post, we’re going to provide an overview of the documents you’ll need to gather up if you’re going to file for bankruptcy. Please note that you will need to submit these documents whether you are filing for Chapter 7 or Chapter 13 bankruptcy. Finally, don’t worry if you can’t find some of these documents - an experienced bankruptcy attorney can help you locate them or find other ways to provide the same information.

Income Documentation

You will need to provide the court with proof of your income. If you’re an employee, you’ll need to provide pay stubs or some other document showing gross and net income from your employer. If you’re self-employed or an independent contractor, you’ll need to provide a profit and loss statements for the last two years. You want to be prepared to present bank statements for your business to verify your profit and loss statements.

You will also need to submit documentation of any other sources of income, such as rental properties, retirement funds, or disability benefits.

Expenses

In addition to documenting your income, you will also need to document your reasonable and necessary living expenses. First, this will help your attorney determine which type of bankruptcy best suits you - Chapter 7 or Chapter 13. Then, the documentation will help you accurately complete the bankruptcy forms in order to file your case. You will then have the documentation handy in the event that you need to prove anything you stated in your bankruptcy filings.

Tax Documents

You will need to submit copies of your tax returns for the last two years in both Chapter 7 and Chapter 13 cases. If you haven’t filed your tax returns, the court will require that you do so and submit proof before your case can be completed.

Real Estate

If you own a house or any other real property, you should plan on submitting documentation of the following:

  • Proof of ownership - a copy of the deed or other government records reflecting ownership (tax assessment statement)
  • Mortgage statements reflecting the current balance due and monthly mortgage payment
  • Proof of value - some kind of documentation demonstrating the property’s current worth.

It’s important to keep in mind that you have to submit this documentation of any real property you own, whether it’s an empty lot, a business property, or property that you own jointly with another person.

Vehicles

Similar to real estate, you will have to submit documentation proving ownership, how much is owed on the car, and what the car is currently worth.

Bank and Other Financial Accounts

You probably expected to file bank statements reflecting the current balances in your savings and checking accounts. We want to emphasize that you need to disclose all of your bank accounts. In addition, you will need to disclose and document any financial accounts that you may have such as:

  • IRAs, 401ks or other retirement accounts
  • General investment accounts
  • Pensions

If it’s an account with money in it, you need to be prepared to disclose and document the funds.

Legal Documents

If you’ve been a party to any previous legal proceedings, you want to bring copies of the paperwork to your bankruptcy attorney. Of particular interest are any documents you have related to the following legal actions:

  • Collection lawsuits
  • Post-judgment legal actions such as garnishments or other attachments
  • Foreclosure notices
  • Divorce actions
  • Prior bankruptcy cases, whether completed or dismissed

The legal actions reflected by these documents are of critical importance to your case. They will help your attorney determine how to proceed and protect you from further financial harm.

Contact a Minnesota Bankruptcy Attorney

Financial trouble can cause a tremendous amount of stress for you and your family. If you’re facing financial difficulties, an experienced bankruptcy attorney can help you decide whether bankruptcy is right for you. Founded in 1972, the attorneys at Kain & Scott have been helping people through the bankruptcy process for decades, with high-quality, affordable legal representation. If you would like a free consultation with one of our attorneys, call us today at 800-551-3292 or contact us online.