A Basic Guide to Bankruptcy Forms

The overall petition for a bankruptcy is comprised of almost 50 pages. That's before any extra pages for schedules are added on. Be prepared for your financial life will be examined under a microscope throughout the forms.

The Basics of Bankruptcy Forms

You will find two types of paperwork throughout the petition. One is the forms and the other are the schedules. The forms ask questions that need to be answered while the schedules are specific lists.  Read through the instructions at the beginning of each worksheet to be sure that you've provided the correct answers.

Defining A Form

The forms involved in bankruptcy are asking for statements of intent. You're being asked, in essence, to confirm or deny a situation. Never leave a form blank if it doesn't apply to the situation. Make sure to check the provided box under the instructions. This tells the court that you're not filling out the form for the aforementioned reason. Some, like the pre-bankruptcy counseling form, must be filled out or the case will never get off the ground. Forms may look insignificant but if they're not in the filing, you can see your case be dismissed.

What Makes a Schedule

Schedules ask pointed questions for financial information. You may feel like you've already entered the information elsewhere, and you may have in the ways and means test. Each schedule needs specific information. A court wants to know who is involved in your filing whether it be a creditor, a business partner, or a spouse. It's best to have every monthly bill and loan payments before working on the schedules so you're not looking for it later.

Do not be afraid to list anyone who provides financial support for you. Their being listed in a bankruptcy filing will not affect their credit or put them in danger of being harassed by your creditors. The Fair Trade and Credit Act expressly prohibits contact of individuals who do not play a role in your debt. Listing anyone who gives monetary assistance shows the court that you are not making sufficient enough income to pay your own debts.

Hiring a Bankruptcy Lawyer

It's difficult to understand the forms without some kind of legal assistance. You can always purchase a book to walk you through a chapter 7 or 13, but they may not provide answers to any questions. An experienced attorney can help you with the bankruptcy forms, answer your questions and put your mind at ease. As well as seeing you through to a successful discharge of your debts.