Gathering Your Financial Info

If you’re considering filing for bankruptcy, the first step you have to take is gather together all of your financial information. You’ll need this information not only to file for bankruptcy but also to determine whether you’re even eligible to file for bankruptcy. You’ll use the information in the documents you assemble to complete the forms that make up the bankruptcy petition. Though you won’t be required to submit any actual documents to the bankruptcy court beyond the forms required for the petition, you will need to have written proof of all financial information you specify in your bankruptcy petition in the event that the court requests it.

You’ll need income information for the six months prior to filing. That includes income from employment, investments, and any other type of income earned over the past six months. More specifically, you’ll need to submit copies of pay stubs you received during the 60 days prior to filing.

You’ll need records of all expenses you’ve incurred over the six months prior to filing, other than minor everyday purchases. These expenses include utility bills, loan payments, health club dues, gas and entertainment costs, and so on. You’ll also need to document sizable one-time expenses, such as the purchase of a new car.

You’ll need to specify the exact totals of all your outstanding secured and unsecured debts. You’ll also need to provide contact information for all of your creditors.

You’ll need to submit copies of your most recent federal tax returns. It’s a good idea to have copies of the previous 3–4 years of returns on hand as well.