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The Beginning of the Bankruptcy Process

Interviewer: Let’s take a step back, so someone wants to file bankruptcy. They’ve got to fill out paperwork. What do information is required for their bankruptcy paperwork? What do they have to list on there?

Adam: They want to list if they own a home, any car loans, if anybody has any kind of garnishment or judgment against them, and any kind of assets they might have. The paperwork is probably about eight pages for me to prepare. It takes probably about a half hour, 40 minutes to fill out. Like I said, it is really not a long and arduous process.

Interviewer: This paperwork, people have to disclose all their assets, all their debts, who they owe money to, every person they can think of, then again, everything that they think that they have that could be considered an asset, right?

Adam: yes, that is correct. They have to also list their employer, how much they make, title, and occupation.

Interviewer: Does the debtor have to provide pay stubs and bank statements to verify that what they are claiming is true?

Adam: Usually, they like to ask for two years of tax returns and then they’ll ask for at least two weeks of pay stubs. In all honesty, you can get around with just one year of tax return as long as it is the most recent.

By Adam Hunt

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