Essential Documents Your Lawyer Will Need To Make A Strong Bankruptcy Application
Posted on: 4 April 2022
A successful bankruptcy application starts with proper planning. Besides that, seeking a lawyer's counsel increases your chances of succeeding. A bankruptcy lawyer takes you through the bankruptcy laws so that you can understand the dos and don'ts of this legal process. In doing this, they will safeguard you from errors that might blow your chances of getting financial relief.
But, most importantly, an attorney helps you build a strong application through proper planning. A well-articulated bankruptcy application demonstrates a clear picture of your assets, debts, and expenditure. For this reason, you'll need to attach the following documents to your application form.
Documents Showing Your Total Income
Typically, the court requires the application documents to know how much an applicant earns and their total debts. It enables them to determine the eligibility of applicants, disqualifying everyone who doesn't have an impressive financial record. Financial documents also guide the court when preparing a repayment plan for chapter 13 applicants.
Therefore, your lawyer will ask you for documents showing your total income when preparing the application. For instance, they will want your payment slips if you're employed. If self-employed, your legal advisor will need a copy of your income and loss statements for the last few months before the filing date. Besides that, you should provide all the records of additional earnings.
Documents Showing Your List of Assets
Generally, the court allows bankruptcy applicants to keep some assets after filing for bankruptcy. Therefore, you don't have to hide some of your belonging from the court, fearing that you will lose them. Doing so might actually land you into trouble with the authorities as it demonstrates dishonesty. Therefore, ensure that you provide your lawyer with titles to your assets and other documents showing ownership.
However, you don't have to list every item you own. Instead, concentrate on the valuable assets that demonstrate to the court that you qualify for the relief. It's also advisable to include information about your monthly expenses to prove to the court that you can pay back your debt without struggle.
The bankruptcy application laws are pretty complicated, and it's easy to skip essential items. So to avoid this, engage a bankruptcy lawyer in your endeavor. With their valuable advice, you'll stand a high chance of getting the much-needed relief from your creditors. But ensure you provide them with the documents highlighted above to ensure the success of the application.
Contact a bankruptcy attorney for more information.
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