Short answer: Preparing for bankruptcy requires a complete picture of your income, expenses, property, debts, and recent financial activity. The exact documents vary, but organizing the core records before your consultation can make the review more accurate and efficient.
Bankruptcy forms are signed under penalty of perjury. Leaving out an account, creditor, asset, transfer, or source of income can create delays and serious legal problems. It is better to disclose an item and ask whether it matters than to decide on your own that it is unimportant.
1. Identification and Household Information
Gather:
- Government-issued photo identification.
- Social Security card or another acceptable document showing your Social Security number.
- Names and ages of household members.
- Information about a spouse, even if the spouse may not file.
- Marriage, separation, divorce, alimony, or child-support orders that affect the household finances.
Identification and Social Security documentation are also required for the meeting of creditors. U.S. Trustee 341 meeting requirements
2. Proof of Income
Collect recent pay stubs and records covering all sources of household income. Depending on the case, this may include:
- Wages, salary, overtime, bonuses, and commissions.
- Self-employment or business income.
- Social Security, pension, or retirement income.
- Unemployment or workers’ compensation.
- Rental income.
- Child support or alimony received.
- Contributions from other household members.
The Chapter 7 means test and Chapter 13 calculations use defined income periods and legal rules. Do not assume that a particular payment is excluded without discussing it with an attorney. U.S. Trustee means-testing information
3. Federal and State Tax Records
Prepare the most recently filed federal and state tax returns, including schedules and attachments. Additional years may be needed depending on the case.
The trustee must generally receive the debtor’s most recently filed federal return or transcript before the meeting of creditors. If a required return has not been filed, that issue should be discussed early.
4. Bank and Financial Account Statements
Gather statements for every account in which you have an ownership interest or access, including:
- Checking and savings accounts.
- Credit-union accounts.
- Money-market and investment accounts.
- Brokerage and cryptocurrency accounts.
- Payment applications such as PayPal, Venmo, or Cash App.
- Accounts held jointly with another person.
Trustees commonly request statements covering the filing date. Never move, withdraw, or transfer money merely to keep it out of the bankruptcy paperwork. Transfers must be disclosed and may create additional issues.
5. Property and Secured-Debt Documents
For a home or other real estate, gather:
- Deeds.
- Recent mortgage statements.
- Home-equity loan information.
- Property-tax records.
- Homeowners’ association statements.
- Any foreclosure notices.
- A reasonable estimate of current value.
For vehicles, gather:
- Titles or registrations.
- Loan or lease statements.
- The approximate mileage and condition.
- Repossession notices, if applicable.
Also identify valuable personal property, insurance policies with cash value, retirement accounts, expected inheritances, legal claims, and property held for someone else.
6. Every Debt and Collection Notice
Prepare a list of all creditors, not only the debts you hope to discharge. Include:
- Credit cards and personal loans.
- Medical bills.
- Mortgages and vehicle loans.
- Tax debts.
- Student loans.
- Past-due utilities.
- Collection accounts.
- Family or personal loans.
- Lawsuits and judgments.
- Wage and bank garnishments.
- Co-signed debts.
Court schedules require debtors to identify assets, liabilities, income, expenses, contracts, leases, and financial history. The Maryland Bankruptcy Court publishes the forms required for Chapter 7 and Chapter 13 cases. Maryland Bankruptcy Court filing information
7. Monthly Expenses and Contracts
Bring a realistic household budget, including:
- Housing.
- Utilities.
- Food and household supplies.
- Transportation.
- Insurance.
- Medical expenses.
- Childcare.
- Support payments.
- Taxes.
- Other necessary expenses.
Also gather leases, vehicle contracts, storage agreements, timeshares, and other ongoing contracts.
8. Recent Transfers and Unusual Financial Events
Tell the attorney about:
- Property sold, transferred, or given away.
- Payments to relatives or business partners.
- Large payments to one creditor.
- Closed bank accounts.
- Lawsuits or claims you may have against another person.
- Insurance settlements or inheritances.
- Repossessions, foreclosures, and tax refunds.
- Previous bankruptcy filings.
These events do not automatically prevent a filing. They must be reviewed and accurately disclosed.
9. Additional Records for Self-Employed Individuals
A self-employed person may need:
- Profit-and-loss statements.
- Business bank statements.
- Accounts receivable.
- Business tax returns.
- Vehicle, equipment, and inventory lists.
- Contracts and leases.
- Payroll and sales-tax records.
Personal and business finances should be clearly separated whenever possible.
10. Credit Counseling Certificate
With limited exceptions, an individual must complete credit counseling through an approved provider before filing. Debtor education is a separate course completed after filing and is generally required before receiving a discharge. U.S. Trustee counseling guidance
Do not wait until an emergency filing to begin this step.
Protect Your Private Information
Tax returns, bank statements, and identification records contain sensitive information. Use the secure method requested by your attorney or trustee. Do not send full Social Security numbers or unredacted financial documents through social media or ordinary text messages.
Frequently Asked Questions
Do I need every document before scheduling a consultation?
No. A consultation can help identify what is missing. Bringing the records already available will make the initial review more productive.
Should I leave out a debt I want to keep paying?
No. Bankruptcy schedules generally require disclosure of all creditors. Treatment of a particular debt is a separate legal question.
What if I cannot find an old tax return?
The IRS may provide a tax transcript. Tell the attorney which returns were filed and which records are unavailable.
Can I transfer property before filing?
Do not transfer, sell, hide, or give away property to keep it out of a bankruptcy case. Discuss any proposed transaction with a qualified attorney first.
Prepare for a More Useful Consultation
Organized records help an attorney identify time-sensitive risks, compare Chapter 7 and Chapter 13, and determine whether additional information is required.
Law Office of Albert Coto, LLC assists consumers in Montgomery County, Prince George’s County, and surrounding Maryland communities. Consultations are available in English and Spanish. Call (240) 233-6816 or contact the office.
This checklist is general educational information, not legal advice. Required documents vary by case.