Comprehensive Guide For All The Documents Needed To File For Bankruptcy

Filing for bankruptcy can feel overwhelming, but it can be the fresh start that you need. However, one thing that cannot be avoided is the paperwork. Knowing what documents are required can make the process a bit manageable and less stressful. In this blog, we will provide you with comprehensive information on the documents you will need to file for bankruptcy under chapter 7 and chapter 13.

Chapter 7 Bankruptcy:

Chapter 7 bankruptcies filings are meant for those who have minimal income and are not able to pay their debts. Here is a list of documents that you will need to file for chapter 7 bankruptcy.

- Income: You will need to provide proof of all of your income in the last six months. This includes pay stubs, all types of earned and unearned income, rental income if you are a landlord, child support payments, alimony and any other type of income that you have received. 

- Tax returns: You’ll need to provide federal and state tax returns along with any property or asset that was sold or transferred in the last two years. 

- Property and debts: Another crucial document is ‘Schedule A/B’ which deals with all the assets including personal items like jewelry, household furniture, cars etc. When it comes to debts, you will have to provide a list of all the creditors, including their names and addresses, the amount outstanding, and type of debt (credit cards, car loans, etc.) 

- Financial transactions: You will need to provide information on all recent monetary transactions in and out of your accounts. This includes personal loans, transfers of money, and cash payments made. 

- Credit counseling certificate: Finally, before filing for chapter 7, you will need to acquire a credit counseling certificate.

Chapter 13 Bankruptcy:



In contrast to Chapter 7, Chapter 13 bankruptcy is for those who are able to settle their debts and repay their creditors through a repayment plan over 3-5 years. Here are the needed documents if you are planning to file for chapter 13.

- Income: Again, you will need to provide proof for all income received over the previous six months. It includes any commission, bonuses, and overtime pay.

- Tax returns: You must file copies of your tax returns or tax transcripts for the preceding four years. 

- Debts and property: Just like in Chapter 7, you will be required to fill up a detailed list of all creditors and their corresponding debts. The ‘Schedule A/B' will still include all property and other assets you own.

- Budget: To show your affordability to create a payment plan to your creditors, it is necessary to present a budget that highlights your average monthly expense. The document needed for this is 'Schedule J'. 

- Credit counseling certificate: As with Chapter 7, before filing for Chapter 13, you will need to undergo credit counseling.

When it comes to filing for bankruptcy, it is vital to have all the right documents in order to avoid any hiccups later on. Be prepared to deal with an extensive amount of paperwork but also remember that successfully submitting the required documents puts you a step closer to debt relief. For any queries regarding bankruptcy and the documents needed to file them, contact The Law Office Of Calvin Craig. We can assist you and answer any questions you may have. Our bankruptcy professionals are dedicated to providing the best financial solutions for the Raleigh community.