Some business owners may worry about their business being under debt. This is easier to deal once you have decided on a course of action, like filing for bankruptcy.
Before you can file for bankruptcy, however, your local bankruptcy lawyer, such as baimlaw.com from Arkansas, will ask you to provide financial documents, like:
Current Business Financial Statements
These include balance sheets, cash flow statements, profit and loss statements, and projections.
These include the name, address, city, state, zip code, contact person, and account number of the creditors, as well as the amount owed to the creditors. If you owe more than 20 creditors, include the telephone number for the 20 largest unsecured creditors.
For secured creditors, include the property pledges as collateral or security for the loan, as well as the value of the collateral.
Stockholders or Shareholders List (For Corporations)
These include the name, address, city, state, zip code, telephone number, number and percentage of shares owned, and the total amount of stock issued.
Authorized Persons List
These include the names and titles of persons authorized to sign documents for the company.
Incorporation or Partnership Document Copies (For Corporations and Partnerships)
These include limited partnership document copies.
These include the name, address, city, state, and zip code of the employees. These also include the amount owed outright for wages and amount owed as expenses reimbursement to the employees.
Court Document Copies
These include copies of court documents the company has received in the last 12 months.
Federal or State Tax Liens Copies
Other Tax Correspondence Copies
These include copies of tax correspondence the company has received from the Internal Revenue Service (IRS) or state taxing authority.
Real Property (Company Owned)
These include the legal description, market value, and balance of mortgages against the real property. These also include the name and address of the property owners, as well as the copy of the real property leases, if applicable.
Your local bankruptcy attorney may ask for other financial documents. Discuss with them what these other documents may be and how they can help you with your business debts.