Documents You Will Need to Submit to File for Bankruptcy
We get it. Filing for bankruptcy isn't just about the paperwork—it's a deeply emotional and stressful process. At The Orantes Law Firm, we've seen firsthand the challenges that come with this difficult decision. But remember, you're not alone in this journey. We're here to provide you with the guidance and support you need and deserve.
Our team, based in Los Angeles County and serving Orange County, Irvine, and Los Angeles, has successfully guided countless individuals and businesses through the bankruptcy process. We're committed to helping you navigate these complex waters and find your way to a fresh start.
Documents You Need to File for Bankruptcy
Filing for bankruptcy starts with gathering the right documents. These documents provide us with a snapshot of your financial situation and allow us to determine the best course of action for your case. So what are these important documents?
Basic Information
First things first, you don't need to be a US citizen to declare bankruptcy—everyone gets a fair shot at a fresh start. However, you do need a valid taxpayer identification number. This could either be your Social Security number or an Individual Taxpayer Identification Number (ITIN).
Financial Records
Next up are your financial records. This includes:
Income: Gather all documents that show your income. This includes pay stubs, W-2 forms, and any other sources of income.
Expenses: Compile records of your monthly expenses. Think rent or mortgage payments, utility bills, transportation costs, and other regular outgoings.
Assets: Make a list of your assets. This could be real estate properties, vehicles, bank accounts, investments, and any other valuable possessions you own.
Debts: Finally, you'll need a comprehensive list of all your debts. This includes credit card balances, medical bills, personal loans, and any other outstanding obligations.
Legal Records
When it comes to legal records, you'll need to provide proof of credit counseling. Before filing for bankruptcy, you're required to complete a credit counseling course. So, make sure you have your certificate of completion at hand.
Understanding Your Bankruptcy Options
When it comes to bankruptcy, there are two main options that our firm assists clients with:
Chapter 7 Bankruptcy is a powerful tool that can provide immediate relief from creditor harassment and wage garnishment. It's designed to wipe out most of your dischargeable debts in just a few months, giving you the fresh start you need. If you're dealing with issues such as credit card debt, medical bills, payday loans, tax debts, student loans, auto repossession, wage garnishments, or secured & unsecured debt, Chapter 7 could be the right option for you. Not only does it put an end to these financial burdens, but it also allows for the discharge of certain taxes.
Chapter 11 Bankruptcy is a reorganization solution that's available to both businesses and individuals. This type of bankruptcy allows you to propose a plan for reorganization, continue operations, and repay creditors over time. Whether you're a small business owner or an individual with a viable business, Chapter 11 offers the flexibility you need to reduce your debt payments for a few years. It even allows for the discharging of taxes and leases. If you're looking to buy some time or sell your business, Chapter 11 could be the ideal choice.
How an Attorney Can Assist You
The process of filing for bankruptcy can be daunting, but having an experienced attorney by your side can make all the difference. Here's how an attorney can assist you:
They can can help you find and gather the necessary documents according to the specific bankruptcy chapter you are filing under.
They can audit your documents to ensure their accuracy and completeness.
They can assist you in preparing and filing bankruptcy petitions and other required paperwork.
They have the resources to provide guidance and advice throughout the entire bankruptcy process.
A knowledgeable attorney can support you every step of the way, providing the knowledge you need to navigate this process successfully.
We Are Here to Help
At The Orantes Law Firm, we're more than just your legal advisors—we're your partners in this journey toward financial freedom. Our team is dedicated to helping individuals and businesses in California find relief from overwhelming debt through bankruptcy.
We understand that every case is unique, and we're ready to guide you through the process, answer your questions, and provide you with the personalized attention you deserve. If you're considering filing for bankruptcy or have any questions about the required documents, don't hesitate to reach out to us for a free consultation. Remember, we're here to help you regain control of your financial future.