When you file a personal bankruptcy, you should be prepared to provide all of your financial records to your attorney. This includes copies of your tax returns – both state and federal. Your tax returns are important for the following reasons:
- Tax returns provide your lawyer with a significant amount of financial information all in one place. Reviewing your tax returns allows your attorney to obtain an overall picture of your financial situation.
- Your initial bankruptcy pleadings must contain a significant amount of financial information which can be located in your tax returns. A debtor is required to make a full and complete financial disclosure and the majority of the information that must be disclosed can be found in your tax returns.
- Although other records contain the necessary financial information, your tax filings permit your attorney to include the details were needed. Your bankruptcy is more likely to proceed smoothly when your filings are detailed and accurate.
What should you do if you haven’t filed your tax returns? Contact us as soon as possible and get your returns filed as quickly as possible. It is important to understand that your tax returns are essential to getting your Chapter 7 or Chapter 13 case filed quickly and accurately.
The legal team at Faro & Crowder is ready to help. Our office is located in Melbourne, but we proudly serve businesses across the State of Florida.