One of the great things about the bankruptcy process is the legal help and intervention involved in the process. Legal protection from creditors, help negotiating and resolving debts and the ability to fend of foreclosure or repossession are just some of the benefits found along the way. While much of the process is governed by the court and bankruptcy trustee, there are some things that the debtor is responsible for.
Preparing to file for bankruptcy takes some effort on your part. While no one expects you to know exactly what will be needed or required in the way of paperwork, having your financial records ahead of time can save both you and your bankruptcy attorney valuable time. In addition to the bankruptcy petition the types of information you may need to furnish when filing your case are details about your finances such as bank statements, previous tax returns and paycheck stubs. You may need to provide copies of your debts such as credit card bills, mortgage statements, or copies of any lawsuits you might be involved in.
The bankruptcy process takes your financial details into account when determining how your case will proceed, which is why the petition requires such detail in terms of your income, debts, assets and business affairs. In order to get the most out of your case you need to be as thorough and accurate as possible when answering questions about your finances. Hiding or concealing information can result in case dismissal or suspicions of fraud. It is important that you are completely open and honest about your situation in order to maximize your benefits under bankruptcy.