When filing for Chapter 7 bankruptcy, one of the main things your attorney is going to need from you is your tax returns. Regardless of whether you work for someone else or you are self-employed, you need to be able to provide a couple years' worth of your returns. If you haven't filed them, you will need to do so for the attorney to have them on record and file them with your bankruptcy paperwork.
The decision to file for bankruptcy is usually a personal one, but there are some exceptions. It is possible for your creditors to file on your behalf. If you have received notice that an involuntary bankruptcy has been filed for you, here is what you need to know.
What Is an Involuntary Bankruptcy?
In an involuntary bankruptcy, you could be forced to file for bankruptcy. There are rules to when it could occur.
When you research bankruptcy options, you may find that Chapter 7 and 13 do not offer you much help. When your situation is different, you need to be aware of the alternative bankruptcy options that could help you repair your financial problems.
When you operate a family farm or family fishing business and more than 50 percent of your income comes from this business, it is best to file for Chapter 12 bankruptcy.
The state of a person's finances can be a source of frustration. So often people find themselves in financial binds and they have to turn to maxing out credit cards and taking out massive loans to get them through the crisis. Unfortunately, that means they end up with a tremendous debt that they have no ability to repay. Whenever you find yourself in this situation, there can be a way out by filing for Chapter 7 bankruptcy.
Things happen in life that are beyond your control. You may lose a job, have a medical emergency, or have some other issue that can cost you a lot of money. When this happens, it can be hard to make payments that you owe. When you are not able to make a payment on your home, you risk losing your home by a foreclosure. When these hard times hit and foreclosure is imminent, you can try to avoid a foreclosure by taking some different steps and trying some different solutions.