Making the decision to file for bankruptcy can be scary and feel overwhelmingly invasive. So, it can be helpful to learn which of your assets and liabilities, as well as other aspects of your life, are taken into consideration in the proceedings.
This checklist includes some of the issues that will be considered by the Court. This is not a complete list and your bankruptcy attorney will guide you according to your specific circumstances. Your attorney will also advise as to the specific documentation you need to provide for each item. Assembling the right documentation will enable your case to proceed more smoothly and without unnecessary complications.
If you own any of these assets, they will be taken into account:
- Primary residence and vacation home
- Vehicles including autos, boats, etc.
- Collections such as stamps, coins, jewelry, etc.
- Business assets
- Non-term life insurance
Sources of Income
Your income is an important factor in the filing and can include:
- Wages, interest, dividends
- Rental income
- Trust/inheritance income
- Future income
- Retirement plans and Social Security
- Stocks, bonds and other investment income
Debts and Other Liabilities
Likewise, your debts and liabilities are factors, and can include:
- Federal, state and local income/property taxes
- Mortgages, home equity loans
- Credit Card, student and other personal debt,
- Business debt
- Debts not dischargeable from a previous bankruptcy
Your attorney will advise you about these issues:
- Child support and alimony payments
- Other court-ordered judgements
- Titling of assets
- Transfers of assets to avoid bankruptcy
Community Property States
All assets acquired during marriage are considered owned by both spouses and are considered “community property” in the following states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
IRS Filing Issues
The Court will take into account your filing status, whether you are claiming:
- Married Filing Joint or Married Filing Separately
- Innocent Spouse
- Injured Spouse
Contact us for bankruptcy filing assistance
When you are facing financial difficulties, it’s important to turn to someone with the right expertise. Your first call with us is free, so contact us to start getting the assistance you need.