(916) 596-1018

Bankruptcy

Sacramento Bankruptcy Attorney Adam Garcia

  • Home
  • Attorney
  • Bankruptcy
  • Articles
  • Blog
  • Free Consultation

Why does my bankruptcy attorney need so many documents?

June 7, 2018 By Adam Garcia

Nearly every bankruptcy attorney asks their clients for pay stubs, bank statements, and tax returns before filing the bankruptcy petition. These documents are necessary for both the preparation of a bankruptcy petition and complying with the mandatory document submission to the Trustee that occurs after filing.

Pay Stubs

To qualify for chapter 7 bankruptcy your income for the past 6 months must be below a certain threshold. Specifically, your average monthly income for the 6 month period must be below the median monthly income for a household of your size in California. Unsurprisingly, the bankruptcy paperwork requires accurate disclosure of your income over the 6 month period. For many clients income consists of wages to which their bankruptcy attorney will ask for 6 months of pay stubs.

Tax Returns

The bankruptcy paperwork requires disclosure of your year-to-date income and income for the past 2 years. To provide an accurate disclosure your attorney will ask for your tax returns for the past 2 years.

Bank Statements

Some clients have difficulty remembering if they received certain forms of income, made large purchases, or otherwise had an undisclosed financial benefit or problematic transaction that could jeapordize their bankruptcy. To verify sources of income and identify problematic transactions your bankruptcy attorney will ask for 1 to 6 months of bank statements.

521 Documents

Section 521 of the bankruptcy code requires petitioners to deliver last year’s federal tax return and 60 days of pay stubs to the Trustee, in addition to any other financial document requested by the Trustee, at least 7 days before the meeting of creditors. Trustees typically request last years federal and state tax return, pay stubs for the 60 day period before filing, and last months bank statement for all bank accounts. Accordingly, your bankruptcy attorney requests these documents from you before filing.

Filed Under: Uncategorized

Featured Article

How Much Does A Sacramento Bankruptcy Attorney Cost?

Awards

Disclaimers

This testimonial or endorsement does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter. We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code. The information contained in this website is for informational purposes only and is not legal advice. An attorney-client relationship can only be established by signing a representation agreement.
  • Fairfield
  • Placerville
  • Elk Grove
  • Yuba City
  • Modesto
  • Redding
  • Woodland
  • Terms and Conditions
  • Privacy Policy
  • Sitemap
*$900 Chapter 7 Bankruptcy Fee Disclaimer: While most cases qualify for the above fee, some cases are complex. Consequently, the above fee is only a sample fee (not a specific or guaranteed fee) and is subject to change at any time due to the necessity of charging more for complex cases.