Bankruptcy Forms

Bankruptcy is unfortunately faced by many Americans every day. When filing for bankruptcy, there are many required forms that must be completed in order to attain a “fresh start.” Any mistakes made on these forms can lead to rejection, rather than approval, for those filing for bankruptcy. By avoiding these mistakes and examining your options when filling out these forms, you can avoid the confusion that is usually associated with filling out bankruptcy forms.

The distressing choice of having to file for bankruptcy is presented to Americans every day. The “fresh start” that can be experienced when filing for bankruptcy relieves many of their debts as well as the hassle that creditors burden them with. Whether you decide to file a Chapter 13 or a Chapter 7 bankruptcy, you will be given the opportunity to relieve the stress that credit obligations have given you.

In filing a Chapter 7 bankruptcy, one of the most common types of bankruptcy, your debts will be discharged (except alimony and child support, federally insured student loans, and traffic and criminal fines). A Chapter 13 bankruptcy allows for you to pay back your debts through a payment plan. Your income is taken into account in considering the payment plan situation. This type of bankruptcy can reduce some of your debts.

In choosing to file for bankruptcy, you must use a bankruptcy form in order to take action in your bankruptcy case. The initial step of filing bankruptcy relieves you of the harassment of creditors, foreclosures, and wage garnishing. Once you are ready, you need to attain the standard form for filing bankruptcy, which is referred to as a bankruptcy form.

It is very important that when filling out your bankruptcy forms you refrain from making any mistakes. Since the courts are very strict on mistakes, you can be set back from the relief you are seeking after if they reject your form. One error is significant enough to lead to rejection. A paralegal or attorney can help to look over your forms as you are filling them out, guide you through the process, and/or scan them for errors after you have completed them. An attorney can be hired for around $500, and a paralegal can be hired for around $200. There is always the option of doing it yourself, but the confusion that surrounds the completion of these forms can lead to even more stress. It is only recommended that these forms are filled out by yourself if you have legal background. These cost a lot, so in order to eliminate the costs that are usually associated with bankruptcy forms, you can attain free bankruptcy forms from the official United States Government website.

The official bankruptcy forms by the United States court include your voluntary petition and application to pay the filing fee. From this point on, everything is listed in schedules. Each schedule equates to a different item.

Schedule A: Real property
Schedule B: Personal property
Schedule C: Exemptions
Schedule D: Secured debts
Schedule E: Priority Debts
Schedule F: Unsecured non-priority debts
Schedule G: Executor contracts and leases that have not expired
Schedule H: Co-debtors
Schedule I: Current income of individual debtor
Schedule J: Current expenses of debtor

Whew! That is a lot. Just when you think that’s the end of the forms, four more pop up, including: Debtors statement of intention (For Chapter 7 bankruptcies), Statement of Financial Affairs, Creditor List, and Statement of Social Security number. As you can see, this is a lot to fill out. Bankruptcy forms are the beginning steps to your financial freedom, though — if it is your only option. Filing for bankruptcy is a difficult time in one’s life, but the rewards are significantly a relief for all.

By Danielle Spanner