If you are going to file a Chapter 7 or Chapter 13 bankruptcy, your attorney will ask you to provide numerous financial documents, including your tax returns. Many clients ask why it is necessary to provide both state and federal tax filings. Below are a few reasons:
- Your tax documents provide your lawyer with a lot of financial information in one location. By reviewing your returns, your lawyer can quickly get an overall picture of your financial situation.
- Your bankruptcy petition will be based on your tax returns. All debtors are required to make full financial disclosure to the court. Most of the information you must disclose, you have already reported on your tax filings.
- Your tax returns provide your attorney with the details. Your bankruptcy filings are examined by the trustee and, the more detailed and accurate the information is, the easier it is to approve your petition.
When you decide to file a Chapter 7 or Chapter 13, be prepared to provide your tax filings to Michael A. Koplen. He will make sure your filing goes as smoothly as possible by providing accurate financial information to the bankruptcy court.