3 Figures You Need to File for Bankruptcy

Over 1.5 million individuals filed for bankruptcy in 2010, roughly one million more people than in 2006. With the current economic downturn, more people are turning to bankruptcy for its power to help them get out of debt so they can start rebuilding their financial stability. If you are up against a seemingly endless stack of unpaid bills, you may want to consider filing for bankruptcy so you can take control of your finances one and for all.

Before you can file for bankruptcy, you must first get many financial records together. If you have any questions about bankruptcy or need help understanding what is required of you as a filer, it is advisable to consult with a qualified attorney. Contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 today to schedule a free consultation.

Figures and Records You Will Need

Though the following is by no means a complete accounting of the documents and records that will be required of you throughout the bankruptcy process, it does offer a useful guide to help you get started. The following figures and records will be absolutely essential:

1. Income – this is one of the most important records you can have for bankruptcy. Your income is necessary for not only the means test in Chapter 7 bankruptcy, but also to create a repayment plan in Chapter 13 bankruptcy.
2. Expenses – a list of expenses shows how much a debtor can actually handle when establishing repayment plans.
3. All loans – auto loans, home loans, business loans, and educational loans often constitute a significant portion of a debtor’s financial obligations, so capturing an accurate picture of these responsibilities is important for assessing a filer’s capacity to pay.

Contact Us

You do not have to continue living under a cloud of debt. For assistance seeking a fresh start, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346 today.