When you decide to file a Chapter 7 or Chapter 13 bankruptcy, your bankruptcy attorney will ask you to provide all of your financial records, including your tax returns (both federal and state). Why does your lawyer need your tax returns? Below are a few of the reasons:
- Local Bankruptcy Rule 1007.4 of the Eastern District of Wisconsin requires you to provide your tax returns to the Chapter 7 or Chapter 13 trustee.
- Your tax returns are a great source for gathering financial information in one location. Be reviewing your returns, a lawyer can quickly get an overall picture of your financial situation, without having to dig through mounds of paperwork.
- A lot of the information that must be filed in the pleadings you initially file with the bankruptcy court can be found in your tax returns. Bankruptcy law requires debtors to make a full and complete financial disclosure and most of the information you must disclose has already been reported on your tax filings.
- While your financial information could be located in other documents, your tax returns allow your attorney to include the details where necessary. Your case is more likely to run smoothly when your petition is detailed and accurate.
What if you haven’t filed your tax returns? It is important to do so as quickly as possible, but an experienced bankruptcy attorney can discuss this with your further. By providing your tax returns, you are helping your lawyer prepare your bankruptcy quickly and accurately.
If you are planning to file a personal bankruptcy case, contact DeLadurantey Law Office, LLC to learn more.
The “defender of the little guy,” DeLadurantey Law Office. LLC. handles bankruptcy matters (Chapter 7 and Chapter 13) in Milwaukee, South Milwaukee, West Milwaukee, and Milwaukee County, including the municipalities of Bayside, Brown Deer, Cudahy, Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Oak Creek, River Hills, Shorewood, St. Francis, Wauwatosa, West Allis, and Whitefish Bay. The firm also can handle your debt negotiations, debt relief, and mortgage loan modifications. Contact DeLadurantey Law Office, LLC by phone: (414) 377-0518. Like us on Facebook.