If you choose to come in to our office for a free initial consultation, much of the information we need you can tell us off the top of your head. We help you go through a list of detailed questions regarding your personal property, budget and your financial history for the past few years, etc.
However, you should bring some documents to your initial evaluation. Perhaps the most important documents would be pay stubs going back six months, especially if you have a higher than average income.
The 2005 bankruptcy law sets out a strict test for determining whether you are abusing the bankruptcy system based on your “current monthly income” or CMI. The CMI is defined by law as the average of the past six months ending the last day of the previous month.
It is especially helpful if your pay stubs have year to date totals for income and deductions. If you are self employed, you should bring in any profit and loss statements you have for your business, broken down month-by-month, for the past six months. If you are on a fixed income and only receive one yearly award letter, bring that in if you can.
We also need your last few bank statements. It is important to compare the bank statements with your stated income and budget to make sure you are not missing any income or expenses. If you have your last two filed tax returns, bring them in. You can obtain a tax transcript from the IRS if you do not have these returns.
If you have been divorced, we will need to see a copy of your divorce decree. The divorce decree could determine the advice we give you regarding your bankruptcy, especially if you were ordered to pay some of the debt you incurred with your ex-spouse. If you have an appraisal of your house, bring that in.
Bring in car loan statements or at least be prepared to know how much your car payment is, how many more months you have to go on the loan and the date you purchased the car.