Whether you are filing with an attorney or proceeding pro se, these are some helpful tips to gather information that will better prepare your case for filing.
File Your Taxes
It is a requirement that you provide your trustee, no less than seven days before your creditor meeting, with copies of your tax returns. If you haven't filed your taxes, your case can be dismissed. If you have already filed your taxes, but can't find the returns, you can go online to irs.gov and request a tax account transcript. Many jurisdictions will accept this in lieu of a full return.
Print Your Bank Balance
Your bankruptcy estate includes all money in your bank account on the day of filing. It is important that you have an accurate number listed on Schedule B for your bank balance(s). Many jurisdictions will include in that balance any checks that have not been cashed or cleared on the day of filing. Pay attention to your bank balance, and make sure that you file on a day when all checks have been cleared, the balance is low, and no direct deposits will be coming in. Also remember that the trustee may ask for up to 90 days of bank statements from your account(s). If you have lots of cash withdrawals, be prepared to present receipts to show the money was withdrawn for reasonable expenses.
Check Your Vehicle's Value
Every state has different exemptions for personal property. Many jurisdictions rely on the NADA value for your vehicle in determining exemption value. Go to the NADA website and get the most accurate value you can on your vehicle(s) so you can ensure an accurate value on your schedules, and also so you can be prepared when meeting with your lawyer or trustee.
Check Your Home's Value
Using online resources, like Zillow, you can obtain an estimate of the value of your home or other property. This will give you the information you need to make the right choice on which chapter to file and how to best utilize your state's exemptions. If you live in a rural area or if you can't find a value online, you can also look into the latest tax assessed value, if your home has been recently assessed. You can also find a real estate agent and request a broker price opinion, which will cost less than an appraisal but still provide you with a reliable value for your property.
Pull Your Free Credit Reports
Did you know there are three ways to get your three FREE credit reports? You can get them by phone, by mail, or online. It is important to review all three reports because not all creditors report to all three agencies. Using your credit reports, you can ensure you are doing your best to list all of your creditors. However, don't rely solely on the credit reports to fill in your schedules! Many types of debts, such as SBA loans and payday loans, sometimes do not appear on credit reports. Also keep in mind that you do not need your credit scores to file for bankruptcy. Use your reports to find creditors and get current addresses for all.
