Overwhelming debt can create a financial spiral that has no end in sight. At some point, it can be necessary to declare bankruptcy. While this decision is not made lightly, there is a lot of information that you have to provide before you can declare Chapter 13 bankruptcy in Towson, MD. Here is some of the paperwork that you need to provide to your attorney during this process.
One of the records that you need to provide to the Chapter 13 Attorney in Towson, MD is a list of your monthly living expenses. This record is required by the courts and will help to determine how much you can afford to pay on your debts. You must keep track of your expenditures so you can list these items on this record. This includes items like rent or mortgage payments along with groceries. medication and any other bills related to household expenses that you have.
Another record that you will need to provide is a list of the creditors that you owe money to. While this is probably the most embarrassing record to give to the attorney, it is necessary. This is so the courts know who to contact about the debt and how much is legitimately yours. The courts require this record as a part of the bankruptcy filings.
You will also need a list of your property for the Chapter 13 Attorney. This will help to determine if you can save these assets. Often, a Chapter 13 will allow you to save your home instead of forcing you to sell it especially if it is your primary residence. Other property may also be saved and this is one of the big advantages of filing a Chapter 13 over a Chapter 7 bankruptcy.
Proof of your income is also required for the court records. This proof can come from tax returns and pay stubs from the employer.
These are the records you will need for a Chapter 13 bankruptcy. For more information about Chapter 13 bankruptcy and everything you need to declare it, contact Christman & Fascetta LLC. Filing for bankruptcy is one of the very few ways out of a downward financial spiral.
