How to Fill Out Bankruptcy Forms Chapter 7
Knowing How to Fill Out Bankruptcy Forms Chapter 7 is relatively straightforward–you’ll follow the easy-to-understand instructions provided at the top of each page. Instructions are also available in the left column, directly next to each question.
However, keep in mind that the forms don’t explain what will happen in your bankruptcy case. You should know the law before filing. This includes whether or not you can protect any of your property. You will also want to determine if your debts qualify for a discharge, the order that erases your obligations. Consult a bankruptcy lawyer if you are unsure.
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Filling out the Bankruptcy forms
The bankruptcy forms are organized by the information that you will disclose.
Identifying Information
This Voluntary Petitions for Individuals Filing Bankruptcy is the cover page for your paperwork. You’ll need to include your name, address, and:
- Your Social Security Number
- Name any business you own
- The bankruptcy chapter that you plan to file
- How you intend to pay your filing fee
- If you have filed bankruptcy in the past eight years
- your home rental status
- If you have any hazardous properties, please let us know.
- You can check if you have completed the Credit Counseling Course.
You’ll need to include the information of your spouse if you are filing a Joint Petition.
Your Property
On Schedule A/B, Property you’ll list all the properties that you own.
- real estate
- Cars, vans and trucks, SUVs, tractors, motorcycles and other vehicles
- Watercraft, aircrafts, motorhomes, and other recreational vehicles
- Personal and household items
- Financial assets (banking accounts, cash, retirement funds, investments)
- You owe money to other people (tax refunds or domestic support, loans and inheritances, lawsuits brought against others, etc.).
- Business and business-related properties
- All other assets that you own
Your Exempt Property
You will list the laws that allow you to keep certain assets on schedule C: The Property That You Claim As Exempt. The applicable law is found in the state exemption statutes.
Your Collateralized Debt
If your creditor can take your property (collateral), if you are behind in your payments, it is a secured claim. You will list this debt on Schedule C: Creditors with Claims Secured By Property. The most common collateralized loan is a mortgage or car loan. Learn if a claim in bankruptcy is contingent, non-liquidated or disputed.
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You Other Debt
List your outstanding debts on Schedule F: Unsecured Claims. Include priority claims such as:
- Child and Spousal Support
- Taxes and obligations to the Government
- You may be able to claim for injuries or death that you sustained while intoxicated.
List all your debts including credit card bills, medical bills and personal loans.
Do I have to include my entire creditor list?
Some people mistakenly believe that it is okay to exclude a debtor. You might, for example, not want to reveal:
- You’d like to maintain a credit card for travel expenses
- You can use a veterinary account to pay your pet’s vet bills
- A debt you feel obliged to repay to a close relative or friend,
- A small bill you would prefer to pay for yourself.
You cannot exclude an obligation from your bankruptcy case for any reason. No matter what, you must list all your creditors as part of your bankruptcy.
It is illegal to favor one creditor above another. The bankruptcy trustee, who is responsible for overseeing the case, will distribute the funds to creditors according to priority. A creditor who owes overdue spousal maintenance will be paid before a company that issues credit cards.
You could be held responsible for the debt even after you file bankruptcy if you fail to include a creditor. A judge could impose a fine up to $250,000. Or 20 years of prison if they find you tried to defraud a creditor.
Contracts and Leases
You may have an executory lease or contract if you are in a contract which has not expired. For example, if you have a membership to a gym or a rental agreement for equipment. It will be included on Schedule A: Executory Contracts.
Your Codebtors
You’ll list any codebtors–individuals who must pay your debt if you fail to do so–on Schedule H: Your Codebtors. Codebtors are often cosigners for car loans and joint cardholders.
Your Income
Schedule 1: Your Income contains your employment and income information. Imagine you are married, but not filing bankruptcy with your spouse. If you are married, your spouse’s earnings will be included unless you have separated. (But check with an attorney for confirmation–this can be a complex area).
You Expenses
You will list your monthly expenses on Schedule I: Your Income. To determine your monthly income, subtract your expenses from Schedule 1. If you are filing for chapter 7, but have a lot of disposable income, a judge may find that you can pay some of your creditors in chapter 13.
Your Financial Affair
On the Statement Financial Affairs for Individuals Filing Bankruptcy, you’ll disclose your previous financial status and transactions. For instance, you’ll disclose:
- Your gross income for the past two years (as compared to the amount of the current year)
- Recent payments to creditors
- active lawsuits
- Safe-deposit box and storage space
- Prior foreclosures and repossessions
- Property transfers
- You can borrow or hold property for another person
- Bank account closures are a common occurrence.
- Business information
Your Social Security Number
You will provide your Social Security Number on the Form for a Statement Regarding Your Social Security Numbers (it won’t become public).
Your Financial Summary
The court will know about your debts, assets, incomes, expenses and debt types by transferring the totals of your other schedules onto the Summary Your Assets and Debts and Certain Statistical Information.
Your Verification
On the Form for a Declaration Regarding an Individual Debtor Schedule, you’ll attest the accuracy of information contained in your forms. You can be punished for knowingly providing incorrect information or not disclosing fully.
Other Bankruptcy forms
There will be other forms that you’ll need to complete. You’ll also need to fill out forms for means tests when you file Chapter 7 bankruptcy.
You’ll also use the Form for Individuals Filing Chapter 7 to declare whether or not you plan to keep any property that you are still paying for. This could be a car or home. Learn more about secured creditors in Chapter 7 bankruptcy.
See Forms you must file in Chapter 7 bankruptcy, or forms you must file in Chapter 13 bankruptcy for complete lists.
Find the bankruptcy forms
Download fillable versions of official bankruptcy forms from the U.S. Trustee’s website. Many bankruptcy courts also require that filers use local forms such as the local Chapter 13 Plan. For more information, visit the website of your local court. Use the Federal Court Finder to find your local court.
Now you know How to Fill Out Bankruptcy Forms Chapter 7!
Get a Jacksonville Chapter 7 Bankruptcy Lawyer Today
It can be difficult to enjoy life when you are burdened with debt for many years or months. While we all do our best to repay our debts, sometimes we fail to succeed. This is the right time to take a step back and look at other options. Bruner Wright’s Chapter 7 bankruptcy lawyer can help you evaluate your legal options and create a path forward at a reasonable rate.
Bruner Wright can help you determine the best course of action for your individual needs, protect your assets and offer sound legal advice on how to overcome the challenges you are facing. We’ve made it our goal to provide excellence in personal representation and we’re proud that our reputation as a quality bankruptcy law firm is continuing to grow from Tallahassee to Jacksonville, Florida.
Contact us today to learn more about how a Chapter 7 bankruptcy attorney can help you make a better future.