Bankruptcy Petition
A bankruptcy petition is made up of different sections that list your assets (things you own) and debts (companies you owe money to) as well as your income and monthly expenses to determine if you are able to pay your bills or need financial relief.
When you submit your bankruptcy petition you have to choose if you are filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, but if the court sees that you can either can pay some of your bills or can't pay them at all, they can force you to change bankruptcy chapters to make sure you stay financially solvent.
Voluntary Petition - This form gives the court your personal
information and tells them that you are making the decision to file bankruptcy
yourself
Application to Pay Filing Fee in Installments - If you cannot afford
the filing fee, you can apply to pay it in installments
Schedule A - Real Property - This form covers any real property you
own such as your home or a vacation home. Real property is usually defined as
anything attached to the earth
Schedule B - Personal Property - Personal property is listed here
including your clothing, cars, jewelry, furniture, retirement accounts, etc.
Basically anything you own or are entitled to that is not connected to the
earth.
Schedule C - Exemptions - On the exemption for you choose from either
the federal or state bankruptcy exemptions that tell the court what portion of
your property they cannot take from you. Each state allows different amounts and
it's important to understand the exemptions. If you have a lot of property,
either real or personal, you should definitely consult a
bankruptcy attorney.
Schedule D - Secured Debts - Secured debts are bills you owe that are
attached to some property, like a mortgage that is tied to your home or a loan
that is tied to your 401k.
Schedule E - Priority Debts - Priority debts are those debts that the
government has defined as usually being exempt from bankruptcy proceedings,
meaning you will still owe them unless you meet certain qualifications.
Schedule F - Unsecured Non-Priority Debts - Unsecured debts are bills
you owe that are not tied to property, such as credit cards or medical bills.
Schedule G - Executory Contracts & Unexpired Leases - Contracts
and leases are bills that you have signed a contract to continue to pay like a
car lease or cell phone.
Schedule H - Co-Debtors - If you owe a debt with someone else, for
instance if someone co-signed a loan for you, they are a co-debtor and are
listed on this form.
Schedule I - Current Income of Individual Debtor(s) - This form lists
all of your income including your employment, social aid, rental income, alimony
and more.
Schedule J - Current Expenses of Debtor(s) - The expense form covers
all of your household expenses including mortgage/rent, utilities, groceries,
insurance, car payments, medical fees, laundry and more.
Debtor's Statement of Intention: (Chapter 7) - If you are filing
Ch 7 bankruptcy this form tells the
court what you plan to do about your secured debts like your home or car. They
want to know if you plan on repaying the debts or turning the property over to
the company.
Statement of Financial Affairs - The SOF is a long questionnaire
concerning bank accounts, recent debts you've paid off, law suits, previous
addresses, any businesses you own and more.
Means Test - The Means Test compares your income and expenses to
others in your area to determine if you are earning more or less and spending
more or less. This form is to determine if you are eligible for Chapter 7 or
should be filing a Chapter 13 bankruptcy.
Creditor List - A simple list of creditors and their address.
Statement of Social Security Number - A form verifying your SSN
Certification of Personal Financial Management Course - Once you have
completed the course this form must be filed with the court.
Make sure bankruptcy is the right choice for you with our free bankruptcy evaluation. Learn your bankruptcy options, ask questions, and make an informed decision so you keep as much property as possible.
Related Information
- The difference between Chapter 7 and Chapter
13 bankruptcy
- Is filing bankruptcy right for you?
- Free Bankruptcy Review