According to the American Bankruptcy Institute (ABI), 5,650 Chapter 7 bankruptcy petitions were filed in Nevada in the first 11 months of 2021. This represents nearly 90 percent of all personal bankruptcy filings in the state. For people and families dealing with serious financial distress, Chapter 7 bankruptcy protection might be the best path forward.
Bankruptcy can seem like a paperwork-intensive process, but it’s not as daunting as you may think. However, before you can file your Chapter 7 petition, you will need to gather a few financial documents and records. At Vohwinkel Law, we do our best to make the process as simple as possible. Here, our Las Vegas Chapter 7 bankruptcy lawyer highlights the key documents needed to file for Chapter 7 in Nevada.
An Overview of the Documents You Need to File for Chapter 7 Bankruptcy
Personal Identifying Information
As a starting point, it is useful to get your personal identification information in order. Some of the key documents and records that can be used for this purpose include:
- Driver’s license; and
- Social Security card (or other social security number verification, such as a W-2, 1099, or letter from the Social Security Administration).
To file for Chapter 7 bankruptcy protection, you will generally need a copy of your two most recent tax returns. With Chapter 13 bankruptcy, you may need as many as four years of tax returns. If you are not required to file, that’s ok. We’ll prepare an Affidavit for you stating you’re not required to file.
Wage and Income (Paystubs)
You will need to organize recent wage and income information. At an absolute minimum, you will need at least 60 days worth of paystubs. Though, in general, it is a best practice to gather your last six months of wage and income statements. This also includes social security, disability and unemployment benefits you receive, if any.
Chapter 7 bankruptcy petitioners will be asked to provide bank account information. Under federal regulations, a bankruptcy trustee can seek up to two years of bank statements. Though, in most cases, six months of bank statements is sufficient. In addition, if you have any investment accounts, like stock brokerages, bitcoin accounts, or retirement accounts, such as IRAs or 401(k) accounts,, you’ll need to gather statements regarding these as well.
A Recent Credit Report
You should obtain an up-to-date copy of your credit report to determine who your creditors are. It is best to get a credit report from all three major credit reporting agencies, as the information provided is not always identical. Free credit reports can be obtained at www.annualcreditreport.com. This is a free government website that provides access to your credit report from all three major credit reporting agencies once every twelve months. In addition, we run a credit report for you at no cost to you.
Comprehensive Records of All Debts
Finally, you must gather comprehensive records of all of your outstanding debts, including credit cards, personal loans, and medical bills. The more information and documentation you have regarding debts, the better position you will be in to navigate the Chapter 7 bankruptcy process.
Call Our Las Vegas, NV Chapter 7 Bankruptcy Attorney for Immediate Help
At Vohwinkel Law, our Las Vegas Chapter 7 bankruptcy lawyer is committed to helping people and families provide long-term financial solutions. If you have questions about the documents and records you need to file for bankruptcy, we are here as a resource. Reach out to us by phone or connect with us online for your no-cost, no-obligation case evaluation. With a law office in Las Vegas, we provide Chapter 7 bankruptcy representation throughout Clark County.