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If you are interested in filing for chapter 13 bankruptcy or a wage earners plan, chances are that you do not want to lose any of your assets. This chapter has numerous prime benefits, though it also involves a very intricate process. The paperwork involved, in particular, is not easy to prepare and it is hence a good idea for you to seek the expertise of a seasoned local lawyer. If you need legal assistance when filing for bankruptcy Santa Cruz has numerous highly proficient attorneys to offer.
It is impossible to get declared bankrupt overnight. Patience is a virtue that must be upheld because the process involved is neither easy nor quick. For you to have better chances of getting your financial liberty back, you need to ensure that all the necessary information is submitted as you file your petition.
To begin with, you will need income verification documents. These are key documents you will need for you to successfully file for bankruptcy under chapter 13. Ideally, the forms you provide would show that you are not able to catch up with your debts and protection is necessary. They will also show that you are able to generate enough income to make your bankruptcy payments on a monthly basis.
If you are a small business, you should provide your pay stubs for the previous half a year. Your security and investment account statements will also need to be provided. The courts are also going to be interested in understanding your loss and profit margins over the last six months.
You will eventually have to settle any unpaid tax even if you are declared bankrupt. Because of this, the courts will need your tax returns for the last three years. You want to ensure that these forms are up to date and accurate for your petition to be considered.
From this point, the courts will need a detailed list of all your debts. The document should include utility, tax and medical debts not to mention any loans you have received. Keep in mind that any debt that is not listed in your petition will be discharged, and exceptions are often very rare.
Finally, all your financial documents should be in order. For a petition to be evaluated, a court appointed trustee will have to identify your assets, including your retirement account statements. The professional will need your investment and bank account statements and even forms for your life insurance coverage with cash value.
It is the work of a trustee to be thorough when evaluating your financial muscle. Because of this, your inheritances must also be taken into account. You will also need to give information regarding pending lawsuits. Based on the intricate nature of the processes involved during document preparation, you need to do yourself the favor of getting legal guidance from a seasoned local bankruptcy attorney.
It is impossible to get declared bankrupt overnight. Patience is a virtue that must be upheld because the process involved is neither easy nor quick. For you to have better chances of getting your financial liberty back, you need to ensure that all the necessary information is submitted as you file your petition.
To begin with, you will need income verification documents. These are key documents you will need for you to successfully file for bankruptcy under chapter 13. Ideally, the forms you provide would show that you are not able to catch up with your debts and protection is necessary. They will also show that you are able to generate enough income to make your bankruptcy payments on a monthly basis.
If you are a small business, you should provide your pay stubs for the previous half a year. Your security and investment account statements will also need to be provided. The courts are also going to be interested in understanding your loss and profit margins over the last six months.
You will eventually have to settle any unpaid tax even if you are declared bankrupt. Because of this, the courts will need your tax returns for the last three years. You want to ensure that these forms are up to date and accurate for your petition to be considered.
From this point, the courts will need a detailed list of all your debts. The document should include utility, tax and medical debts not to mention any loans you have received. Keep in mind that any debt that is not listed in your petition will be discharged, and exceptions are often very rare.
Finally, all your financial documents should be in order. For a petition to be evaluated, a court appointed trustee will have to identify your assets, including your retirement account statements. The professional will need your investment and bank account statements and even forms for your life insurance coverage with cash value.
It is the work of a trustee to be thorough when evaluating your financial muscle. Because of this, your inheritances must also be taken into account. You will also need to give information regarding pending lawsuits. Based on the intricate nature of the processes involved during document preparation, you need to do yourself the favor of getting legal guidance from a seasoned local bankruptcy attorney.
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