A Waukegan bankruptcy attorney needs a lot of information once he or she decides to represent a client for personal bankruptcy. One of the things that a Waukegan bankruptcy attorney needs is a copy of their client's most recent credit report. In a bankruptcy filing, almost any Waukegan bankruptcy attorney would agree that the credit report is a very valuable document. Why is a credit report such an important document in the bankruptcy process? The credit report can prove absolutely invaluable when preparing to file for personal bankruptcy because of the mounds of useful information that it contains. The credit file is more reliable than one's memory of who and what they owe to each of their creditors. It is an official compilation of your current debt status and it can really help you put things into perspective. The credit report lists all of your credit accounts usually separated according to the accounts that are in good standing as opposed to the accounts that are in default. In addition, the credit file contains information like who each of the creditors are, how much you owe, what your current versus highest balance was and perhaps the most important part is your payment history over time. Reviewing this document will help ensure that all of the accounts are actually included in the bankruptcy filing. Trying to proceed without a credit report can prove to be financially fatal. This is because if a creditor is either intentionally or unintentionally neglected to be included in the bankruptcy paperwork then separate payment arrangements must be made to resolve that debt with the creditor. Now if the amount owed on that particular account is manageable, then you may not mind taking care of it on your own. But if the amount owed is very large then you could find yourself in another difficult situation.