If you are in debt and thinking of filing for bankruptcy, it is time you followed the most reliable bankruptcy checklist so you don’t leave anything out. Matters of legal obligation require you to be extra vigilant with every move you make. Here is a smart checklist to help.
Filing Bankruptcy
- Determine if you really need to file bankruptcy.
- Calculate and know your income.
- Calculate all your expenses.
- Use a means test to qualify yourself.
- Select a good bankruptcy attorney.
- Select the best debt counseling programs
- Don’t get yourself into this situation again.
Bankruptcy Alternatives
- Determine if you can reduce your expenses while you pay the debt off.
- Check for debt consolidation options.
- Negotiate with your creditors and try settling debts yourself for less than you owe.
- Go to Consumer Credit Counseling Services (CCCS) for a paying off plan.
Necessary Documents
- List of monthly routine living expenses.
- A list of all your assets and their value.
- A list of your accrued debts.
- A list of your gross income and any payroll deductions.
- Listing of all debts, assets, income, and expenses related to the business.
- Copies of your state and federal tax returns.
- Copies of your recent payroll check stubs.
- Mortgage Papers, Copy of the Deed or Contract to the real estate.
- Your Social Security Number
- Business entity, the Federal ID and incorporation date.
- All life insurance policies.
- Copies of any types of leases and contracts available.
- Recent profit and loss statements and balance sheets for the business.
Getting out of debt and regaining your financial prowess requires a shrewd mind. This checklist will help you to ensure that you have covered every important detail as far as filing for bankruptcy is concerned.