Understanding Bankruptcy Forms

Filing for Bankruptcy – Legal Documents

Legal documents and forms used to initiate any legal proceeding can seem complex and confusing. In particular, forms used when filing for bankruptcy can appear mystifying because they are used to organize and communicate the financial status of a person, persons or even a business. Although the forms used when filing for bankruptcy seem dense and complex, they are designed to efficiently convey a multitude of financial information in an organized and clear manner.

Filing for Bankruptcy – Voluntary Petition

At the heart of the set of forms required when filing for bankruptcy is the voluntary petition and schedules. The filing of these documents initiates the bankruptcy, and will be used to disclose required information about the bankruptcy filer to the court, the Trustee and creditors. The voluntary petition and schedules are the primary documents that a filer of a Chapter 7 Bankruptcy and the filer of a Chapter 13 Bankruptcy will file with the bankruptcy court. The voluntary petition contains basic information about the bankruptcy filer; it contains the filer’s name, address, mailing address, information on past bankruptcy filings, the jurisdiction in which the bankruptcy is filed and the type of bankruptcy being filed.

Filing for Bankruptcy – Bankruptcy Schedules

The rest of the initial paperwork needed when filing for bankruptcy is known as the bankruptcy schedules. The schedules contain detailed financial information about the bankruptcy filer’s assets, income, expenses, debts and other obligations such as lease agreements. They begin with Schedule A and end with Schedule J. Schedule A documents the ownership of real property such as houses and parcels of land. Schedule B documents personal property such as bank accounts, home furnishings, clothing and any owned or financed vehicles. Schedule C indicates what property the bankruptcy filer wishes to exempt, or protect. Schedules D, E and F list all of the debtor’s creditors. Schedule G and H indicate if the person filing for bankruptcy has any joint debt or is obligated on any leases. Schedules I and J prepare a budget with the bankruptcy filer’s income and expenses. Finally the Statement of Financial Affairs discloses information about the filer’s financial history. The rest of the schedules contain information about attorney fees, whether or not the person filing for bankruptcy will be retaining certain collateral such as a home or a car and an analysis of a bankruptcy filer’s previous six months of income.

Filing for Bankruptcy – Extra Documents

A Chapter 13 Bankruptcy filing will include extra documents, including the Chapter 13 plan. The Chapter 13 plan contains the terms of the Chapter 13 repayment plan. It will contains the monthly trustee payment, the total amount of debt to paid back, the percentage of a bankruptcy filer’s overall debt to be paid back and a how funds from a bankruptcy filer’s payments into the plan will be distributed amongst the creditors. It will also disclose the priority with which the Chapter 13 Trustee will pay back creditors.

Filing for Bankruptcy – Motion

A motion is a form filed by a party to the Bankruptcy case that contains a request for the court to do something. A motion can be filed by a trustee, a creditor or the bankruptcy filer. A motion will state the basis on which the judge should grant the request and propose action through an order. In bankruptcy, motions may ask the court to dismiss a case, lift the bankruptcy protection from a particular piece of property, change a plan payment or seek permission for the bankruptcy filer to purchase a car or refinance a home. It is up a judge to grant or deny the request made in the motion.

Filing for Bankruptcy – More Information

Bankruptcy forms are used for the parties to bankruptcy filing to communicate with each other, and demonstrate a bankruptcy filer’s eligibility to file for either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. For more information about bankruptcy forms and their meaning contact a Legal Helper’s attorney right away.

Learn about bankruptcy protection.