5 Important Figures You Need to File Bankruptcy

When a person can’t seem to find a way to make their expenses meet with their income, debt often accumulates to fill the financial gap. Unfortunately, these loans and debts can eventually become too much for a debtor to handle. However, bankruptcy may be available to help a debtor deal with these obligations.

If you are looking for a way out of your financial deficit, bankruptcy may be your best option. To learn more about your options as a debtor when filing for bankruptcy, contact knowledgeable Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.

Necessary Data for Bankruptcy Filing

Before filing, a debtor will need to account for a range of different financial figures. The five most important figures for filing bankruptcy include:

#1: Income

A debtor needs to add up all sources of income and present them to the court. This is important for the means test for Chapter 7 bankruptcy as well as for devising a repayment plan for Chapter 13 bankruptcy.

#2: Assets

The court also requires a debtor to account for anything he or she may own, including stocks and other assets.

#3: Expenditures

Knowing a debtor’s basic financial responsibilities and regular expenses is important for the court when creating debt repayment plans. Also, this information helps the court make decisions regarding how much a debtor can be expected to handle financially.

#4: Loans, Leases, and Contracts

A debtor will need to prepare an account of their full debt obligations. This helps the court understand how to balance the debtor’s needs and how to fairly deal with their creditors.

#5: Tax Returns

The court will require tax information from a debtor, helping the court to create an accurate picture of that debtor’s financial situation.

Contact Us

If you’re facing a seemingly insurmountable amount of debt, you may want to consider bankruptcy as a solution. For a free consultation regarding your filing rights and requirements for Florida bankruptcy, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.