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Bankruptcy Basics: The Forms

Bankruptcy Basics: The Forms
"""Filing for Chapter 7 or Chapter 13 bankruptcy is not a straightforward procedure. It requires the systematic categorization of your finances into assets and liabilities, a comprehensive list of your creditors, and numerous forms. The bankruptcy petition, which provides general information about you and your bankruptcy case, and the schedules, which are a series of forms used to paint a picture of your financial situation for the court, are the most important of these forms. In addition to these forms, you may be required to submit a number of others based on your specific circumstances and financial standing.

The Free-will Petition

The Voluntary Petition is Form 1 in the bankruptcy filing process. It contains the bankruptcy fundamentals germane to your case, including your personal information and general case information. To complete your Voluntary Petition, you must determine whether your debts are consumer or nonconsumer debts. Debts such as taxes are predominantly nonconsumer debts, so it is prudent to discuss this matter with your bankruptcy attorney. In addition, you must complete a section containing statistical and administrative information based on the type of bankruptcy you are submitting, as well as your assets and exemptions.

The Timetables

In addition to the Voluntary Petition, you must submit a number of schedules containing the pertinent financial information. Schedule A describes real property, Schedule B describes personal property, Schedule C describes property exemptions, etc. Consult your bankruptcy attorney to determine the optimal method to complete each schedule.

Forms for the Means Test and Disposable Income

For Chapter 7 filings, you must complete Form 22A, the Means Test; for Chapter 13 filings, you must complete Form 22C, the Disposable Income Statement. These forms determine your eligibility for the various categories of bankruptcy and are crucial to your bankruptcy case.

What Occurs Next?

These forms, when completed and considered as a whole, constitute the argument you present to the court regarding the merits of your bankruptcy case. Therefore, you should consult with your bankruptcy attorney before, during, and after completing these forms. Thus, you ensure that you present yourself in the most persuasive manner feasible. Once you are certain that all of your forms are complete, accurate, and ready to be submitted, you may file them with the court. The court will then evaluate your petition and render a ruling on your filing.""

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"Bankruptcy Basics: The Forms" was written by Mary under the Finance / Wealth category. It has been read 103 times and generated 0 comments. The article was created on and updated on 31 May 2023.
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