What Documents Do I Need to File for Bankruptcy?

Filing for bankruptcy is a significant decision, and one of the first steps in the process is gathering the necessary documentation. Whether you’re filing as an individual or for your business, providing a clear and complete picture of your financial situation is crucial. Proper documentation helps the court and your attorney determine the best course of action and ensures your case proceeds smoothly.

In this blog, we’ll outline the key documents you’ll need to file for bankruptcy, explain their importance, and offer tips for getting organized.

1. Basic Identification Documents

Before diving into financial paperwork, start by gathering basic identification documents to prove your identity and eligibility. These include:

• Government-issued photo ID (e.g., driver’s license or passport)
• Social Security card or proof of your Social Security number
• For businesses: Documents confirming your business structure (e.g., articles of incorporation, EIN confirmation).

These documents are essential to verify your identity during the bankruptcy process and protect against fraud.

2. Income Information

To determine your eligibility for bankruptcy and assess your financial situation, you’ll need detailed income records, including:

• Pay stubs or wage statements for the past six months.
• Tax returns for the last two years (or more in some cases).
• Profit and loss statements (if self-employed or running a business).
• Social Security or disability income statements, if applicable.
• Unemployment benefits documentation, if relevant.

For Chapter 7 bankruptcy, this information is used to conduct the means test, which determines whether your income qualifies you for liquidation.

3. Bank Statements

You’ll need recent bank statements from all your accounts, including personal and business accounts, for at least the last three months (though six months is often preferred). These statements help demonstrate:

• How much cash you have on hand.
• Any significant deposits, withdrawals, or transfers.

Unexplained financial activity could raise red flags, so it’s critical to provide accurate and complete records.

4. Asset Documentation

To list and value your assets accurately, gather records for everything you own, such as:

• Real estate deeds or property appraisals.
• Vehicle titles and loan balances, if applicable.
• Bank account balances and investment account statements.
• Retirement account balances (401(k), IRA, pension plans).
• Personal property inventories, such as furniture, jewelry, or electronics.
• Business asset records, if filing as a business.

For many filers, exemptions will allow you to protect certain assets from being liquidated, but full disclosure is required to ensure proper application of these exemptions.

5. Debt Documentation

Accurate records of your debts are critical for your bankruptcy case. You’ll need to compile:

• Loan statements (mortgages, car loans, personal loans).
• Credit card statements, including balances and interest rates.
• Medical bills or invoices.
• Tax debt records (e.g., unpaid income or property taxes).
• Judgment liens or other legal claims against you.

The court will use this information to create a complete list of your creditors and evaluate which debts are dischargeable.

6. Monthly Expenses

A detailed breakdown of your monthly expenses will help the court assess your financial situation and disposable income. Include information about:

• Rent or mortgage payments.
• Utilities (electricity, water, gas, internet).
• Transportation costs (car payments, insurance, gas, maintenance).
• Food and household supplies.
• Childcare or dependent expenses.
• Medical expenses, including health insurance premiums.

Your expense information is particularly important in Chapter 13 bankruptcy, where the court creates a repayment plan based on your disposable income.

7. Legal and Financial Records

Depending on your circumstances, additional records may be required, such as:

• Lawsuit documentation: Any legal actions pending against you, such as collection lawsuits or judgments.
• Divorce decrees or child support orders: If applicable, these documents help determine your obligations and financial standing.
• Business records: If filing as a business, include financial statements, lease agreements, and accounts payable/receivable.

8. Previous Bankruptcy Filings

If you’ve filed for bankruptcy in the past, you’ll need to provide details of those cases, including:

• The type of bankruptcy filed.
• The case number and filing date.
• Discharge orders or case dismissal documentation.

This information ensures compliance with bankruptcy eligibility rules, including waiting periods between filings.

9. Credit Report

Obtaining a recent credit report from all three major credit bureaus (Equifax, Experian, and TransUnion) is highly recommended. A credit report helps ensure you don’t miss listing any creditors or debts in your bankruptcy filing, which is critical for debt discharge.

10. Proof of Counseling Completion

Before filing for bankruptcy, you must complete a credit counseling course from an approved provider. After completing the course, you’ll receive a certificate of completion, which must be filed with your bankruptcy petition.

Tips for Getting Organized

Filing for bankruptcy requires thorough documentation, but staying organized can reduce stress and streamline the process. Here are some tips:

• Create a checklist of required documents and check off items as you gather them.
• Organize records by category (income, expenses, debts, assets) for easy reference.
• Use digital copies: Scan important documents to create a digital backup.
• Work with an attorney: A bankruptcy attorney can review your documentation to ensure accuracy and completeness.

Gathering the necessary documents to file for bankruptcy is a critical step in the process. These records provide the foundation for your case, helping the court understand your financial situation and make informed decisions about debt relief.

At Dennery Law, we guide individuals and businesses in Central Kentucky through the bankruptcy process, ensuring you have the support and expertise needed to move forward with confidence.

Contact Dennery Law today for a free consultation, and let us help you take the first step toward financial freedom.