Many consumers wonder what information is needed to correctly fill out a Chapter 7 bankruptcy petition. It turns out that debtors need several pieces of information to fill out each schedule, or section, of the petition.
--The most important things you'll need are your name, address, telephone number and social security number.
Many people tend to forget one of these things. This can be a real nightmare because federal bankruptcy laws require debtors to accurately list their personal information on the petition. As a result, it's important to accurately list these items on your petition to avoid problems later on.
--The next set of information debtors need is their financial information.
Federal bankruptcy laws force debtors to provide an accurate representation of their financial situation. As a result, debtors should be prepared to hand over paystubs from the last 6-9 months, federal tax returns from the last 3-5 years and information about other sources of income that you might be receiving. They should also be ready to present information on any checking accounts, savings accounts, insurance policies and retirement accounts they may own. Doing this will make it easier to fill out your petition accurately because one of the most important petition schedules you must fill out is a Schedule I form that lists your financial information.
--Debtors will also need to create an accurate list of all of their creditors.
This list MUST include anyone you owe money to. As a result, be sure to list any credit card companies, family members, student loans providers, hospitals or other creditors on your schedules that are provided for this purpose. Failure to do this will make it harder to apply for bankruptcy relief because it forces the trustees who oversee Chapter 7 bankruptcy cases
--Furthermore, debtors must present an accurate list of their personal possessions and other assets on Schedule A of their petitions.
This list should everything from one's cars to one's pots and pans. This list must be accurate because it's the only way that a bankruptcy judge can accurately determine if a debtor is eligible for bankruptcy relief. Therefore, it's very important that debtors get an accurate listing of their personal possessions before they file for Chapter 7 bankruptcy. Debtors who need help making this list can ask a local bankruptcy attorney for assistance.
--Finally, debtors will also need to demonstrate that they completed mandatory credit counseling before they file for Chapter 7 bankruptcy.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires anyone who is considering filing for Chapter 7 bankruptcy protection to first complete a mandatory credit counseling program before handing in their petitions. This makes it important that debtors attach a copy of the certificate they receive after they complete the counseling to comply with this requirement. Thankfully, debtors can get a free copy of this certificate from their credit counseling agency.
As you can see, it takes a lot of information to fill out a Chapter 7 bankruptcy petition properly. As a result, do yourself a favor and get this information before you begin your petition to save yourself trouble later on.
