Filing for Bankruptcy? Remember to Document.
Perhaps one of the most important and often overlooked aspects of Chapter 13 and Chapter 7 bankruptcy is documenting your financial life. This starts with keeping track of your income and expenses. Start saving your paystubs and putting together of your monthly, quarterly, semi-annual, and annual expenses. Not only will your Bankruptcy Attorney request this information, but it will save you a lot of time and effort in the long run. Filing for bankruptcy is easier to understand and less of a hassle if you prepare early.
If you run a personal business try to put together monthly profit and loss reports showing the cash flow of your organization. For individuals receiving governmental entitlements remember to keep your award letter or annual statement of benefits.
Another important area to document is your payments to secured creditors. This becomes especially important after you file for bankruptcy. Often secured creditor will allege that you have not remained current on your obligations. Having the information readily available can potentially save you from losing thousands of dollars. A tip to help maintain these documents is to apply at your bank for online account access. This will give instant access to copies of the front and back of cashed checks as well online statements. Having such documents will help avoid or resolve Motions to Lift the Automatic Stay and Objections of all types.
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