An Overview of the Documents You Must Gather to File for Bankruptcy in San Diego

Are you considering filing for bankruptcy protection? You are not alone. The American Bankruptcy Institute (ABI) reports that there were 40,267 bankruptcy filings nationwide in June of 2024. Bankruptcy is a complex process. It is crucial that you get yourself organized as soon as possible. Here, our San Diego bankruptcy lawyer provides a comprehensive overview of the documents and records that you will need to gather before filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in California. 

Know the Documents that You Should Have Before Filing for Bankruptcy in San Diego

There are two main types of personal bankruptcy protection: Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is often referred to as a liquidation bankruptcy. In effect, it allows people to clear many (or all) of their debts. However, only those who meet income eligibility requirements can apply. Chapter 13 bankruptcy is a wage earner’s bankruptcy. It allows people to roll their financial obligations into a single, affordable monthly payment that typically goes for three or five years. With either type of personal bankruptcy, a petitioner must have comprehensive supporting records. The paperwork matters. Here is an overview of the documents that you will typically need to have before you can file for personal bankruptcy protection in San Diego: 

• Identification: When filing for bankruptcy in San Diego, you must provide valid identification, such as a driver’s license or other type of state-issued ID. The documentation ensures that the bankruptcy trustee can verify your identity during the proceedings. 

• Social Security Number (SSN): Your Social Security Number is crucial for your bankruptcy filing, as it is used to gather all financial records associated with you. Ensure you have your SSN card or an official document that lists your SSN. 

• Recent Federal and State Tax Returns: Tax returns from the last two years are typically required to provide a clear picture of your financial history. These documents help the court assess your average income and financial status over recent years. You may want to get the returns for a few extra years to be safe. You can file even if you did not pay taxes on time. However, if you have not filed a required federal and/or state income tax return, it could delay the bankruptcy process. A San Diego, CA debt relief lawyer can help.

• Income Information: You need to provide detailed documentation of your income, including recent pay stubs or profit-and-loss statements if self-employed. Your income information will help the court determine your monthly income—which is crucial for the means test under Chapter 7 and for determining repayment under Chapter 13. 

• Bank Account Records: Current statements from all your bank accounts must be submitted to give the court a snapshot of your financial situation. These records help in assessing your existing cash flow and assets. The trustee may not allow your bankruptcy petition to move forward if current bank account records have not been provided. 

• Investment/Retirement Account Records: Documentation of any investment or retirement accounts, such as IRAs or 401(k)s, is necessary. These records show the value of these accounts—which can impact the assets exempt from liquidation. Your IRA, 401(k), any other retirement accounts are typically protected from bankruptcy under federal law. 

• Vehicle Ownership/Auto Loan: If you own a vehicle or have an auto loan, you must provide the title and loan documentation. Notably, vehicle and loan information helps determine if your vehicle qualifies for an exemption or if it will be considered part of the bankruptcy estate. Most people in San Diego who file for bankruptcy can keep their car. 

• Property Ownership/Mortgage Statement: Homeowners must submit their mortgage statements and any deed or title documents. These are reviewed to determine home equity and to identify if your home or home equity can be exempted from the bankruptcy estate. If you are also behind on your mortgage payments, a San Diego, CA bankruptcy lawyer can help you navigate that issue during the filing process. 

• Details of All Debts: List all creditors, the amounts owed, and the nature of each debt, whether it is secured, unsecured, or priority. A comprehensive, detailed, and up-to-date list is critical for the bankruptcy filing and ensures all creditors are notified of the proceedings. 

• Proof of Credit Counseling: Before filing for bankruptcy, proof of completion of a credit counseling course is required by law. This certificate must be from a government-approved agency. You cannot finalize your personal bankruptcy in California—whether Chapter 7 or Chapter 13—until your credit counseling is completed. 

How Resolve Law Firm Can Help With a Bankruptcy in San Diego, California

Bankruptcy is complicated. It is a paperwork-intensive process and it is normal to have a ton of questions about what you need to gather in order to meet all of the filing requirements. Here is the good news: You do not have to figure out everything alone. Le’Roy Roberson is an experienced bankruptcy attorney who is committed to helping people and families navigate turbulent financial waters. Among other things, our San Diego bankruptcy lawyer is ready to: 

• Conduct a free initial review of your case during a 30-minute consultation;
• Answer your questions and help you gather relevant documents/records; 
• Handle the bankruptcy paperwork and any filing requirements; and
• Develop a comprehensive strategy to best set you up for a brighter financial future.

Contact Our San Diego, CA Bankruptcy Attorney for a Confidential Consultation

At Resolve Law Firm, APC, our San Diego bankruptcy attorney is committed to helping people and families find a better future. If you have any questions about the paperwork needed to file for bankruptcy, we can help. You do not have to figure out all of the documentary requirements of the bankruptcy process alone. Contact us today to set up a free, confidential, 30-minute consultation. Our firm provides bankruptcy services in San Diego, San Diego County, and across the region.