Chapter 7 Bankruptcy Forms Explained – Upsolve

The chapter 7 forms packet consists of a voluntary prayer, schedules, and statements. The condition “ petition ” is much used to describe the set of forms individuals filing for bankruptcy render to the court. here ‘s a walk through of all of them. The chapter 7 forms mailboat consists of a voluntary petition ( asking the motor hotel for stand-in ), schedules, and statements. The term “ prayer ” is frequently used to describe the set of forms individuals filing for bankruptcy put in to the court. To file chapter 7 bankruptcy, you have to submit the chapter 7 bankruptcy forms to the court. There are about 23 official forms that are the same in chapter 7 cases filed anywhere in the United States. Most bankruptcy courts besides require certain local forms ( sometimes called court forms ). That being said, while completing the chapter 7 bankruptcy forms can take some prison term and feat, in the end they are your opportunity to tell your history to the bankruptcy court. then, let ’ s take a spirit at the chapter 7 bankruptcy forms and what share of your fib each one of them tells.

The point is to provide everyone ( so, the bankruptcy court, the chapter 7 trustee, the U.S. Trustee and your creditors ) certain information about your fiscal position. What you owe, what you own, how much you make and how much you spend. Easily said, not so easily accomplished. There wouldn ’ t be 23 different forms differently. If you ’ re struggling with debt, barely looking at all the forms can be overwhelm. so, before you take the plunge, put it all in context and ask yourself, “ What ’ s the point of the chapter 7 bankruptcy forms ? ”

The Official Bankruptcy Forms

The official bankruptcy forms are the command forms that are the same everywhere in the United States. They ’ re created by the federal court system. You can download each one of them for free from the U.S. Courts here .

The Chapter 7 Bankruptcy Forms Every Case Needs

Let ’ s beginning with the command forms that are needed in every individual chapter 7 bankruptcy case. The terminus “ individual ” here ( and on the forms ) means that the file clerk asking the court for debt stand-in is a person, not a clientele. If a married couple files a joint shell, it ’ randomness still called an person bankruptcy .

Voluntary Petition for Individuals Filing for Bankruptcy

official Form 101, called the “ Voluntary Petition for Individuals Filing Bankruptcy ” is the bankruptcy form that formally “ starts ” your casing. It ’ s the lapp whether you ’ re file chapter 7 or chapter 13 bankruptcy. It contains some basic information about you ( including your name and savoir-faire ), what type of bankruptcy you ’ re file, whether your debts are largely consumer debts, and whether you have any taxable assets. If you have a bankruptcy lawyer helping you they have to sign and provide their law firm ’ s information on page 8 of your voluntary prayer. One part of the Voluntary Petition asks you to “ explain your efforts ” about completing the pre-bankruptcy credit counseling course. That ’ s where you tell the woo either ( a ) that you took the course and that the certificate of completion is attached, or ( b ) that you fall into one of the very narrow exceptions for this prerequisite. While it ’ s not recommended to file each shape individually, technically, this is the only form you absolutely need to file a bankruptcy font and get an automatic stay to stop a garnishment or delay a foreclosure .

A Summary of Your Assets and Liabilities and Certain Statistical Information 

official Form 106Sum is the Summary of Your Assets and Liabilities and Certain Statistical Information. It contains the “ penetrate credit line ” kind of information from your schedules. Things like the entire rate of your property, the sum amount of your debts, and data about your income and expenses. It functions a fiddling sting like a coversheet for all your schedules, which is why it ’ randomness at the beginning of this tilt but it can only be completed once you ’ ve filled out your schedules. After all, that ’ s where you ’ ll be getting the data .

Schedule A/B: Property 

official Form 106A/B, titled Schedule A/B : place is where you list all of your belongings. Part 1 lists veridical estate and Part 2 lists, well, everything else. In bankruptcy, everything you own is considered an asset, including things you don ’ t even have so far, but will get in the future. All of your assets are listed on Schedule A/B along with an calculate of how much they could be sold for .

Schedule C: Exemptions

official Form 106C, or “ Schedule C ” is one of the most complicate schedules in any bankruptcy petition. In this form, you tell the bankruptcy regent what property you claim is protected by an exemption. All place listed on your agenda A/B that is protected by a bankruptcy exemption is listed again on Schedule C along with a reference of the department of state or bankruptcy law you ’ re claiming protects it .

Schedule D: Secured Debts

official Form 106D, called Schedule D : Creditors Who Hold Claims Secured By Property ( individuals ), is for secured debts. It lists debt secured by an interest in either real place ( like a house ) or personal place. The most park types of secured debts are cable car loans and home mortgages. You ’ ll get the probability to tell the woo and the batten creditor what you want to do about the batten debt in your affirmation of Intention .

Schedule E/F: Unsecured Debts

official Form 106E/F – schedule E/F : Creditors Who Have Unsecured Claims ( individuals ) is where all other debts are listed. Some unguaranteed debts, like taxes and child hold are given especial “ priority ” treatment in the Bankruptcy Code. These precedence debts are listed in Part 1. Everyone else considered an unbarred nonpriority debt is listed in Part 2. Part 3 is reserved for solicitation agencies, lawyers, or any other debt collector that needs to be notified about your case because of their interest in a debt you listed in Part 2 .

Schedule G: Contracts and Leases

official Form 106G is pretty straightforward, flush though it has a pretty intimidate name : schedule G : Executory Contracts and Unexpired Leases ( individuals ). If you ’ re renting your home, leasing a car, or have a long term contract with your cell call provider, it ’ second listed here. If you don ’ t have any leases or unexpired contracts, simply check “ no ” in answer to Question 1 .

Schedule H: Codebtors

official Form 106H, titled schedule H : Your Codebtors is similarly required for your bankruptcy request, tied if you don ’ t have any co-debtors. In that font, just answer questions 1 ( letting the court know you don ’ t have any co-debtors ) and 2 ( letting the court know if you live or lived in a community property state ) and move on. If you do have co-debtors on any of your debts, they ’ re listed in answer to question 3 .

Schedule I: Income

On Official Form 106I, besides called Schedule I, you list your income from all sources. Whether it ’ s wages, business income, or a politics benefit, all income sources are listed on agenda I .

Schedule J: Expenses 

official Form 106J, titled Schedule J : Your Expenses ( individuals ) goes hand in hand with your schedule I. here is where you list your expenses – how much you spend every month on things like rent, food, transportation etc. Most chapter 7 filers note that their expenses are either in agate line with or higher than their income. That ’ second reasonably normal. If you have a draw of money left over at the conclusion of your Schedule J calculation, it may be a sign to the U.S. regent that you have adequate disposable income to fund a refund design as separate of a chapter 13 bankruptcy .

Declaration About an Individual Debtor’s Schedules

You may not have noticed as you thumbed ( or scrolled ) through all of the chapter 7 bankruptcy schedules, but none of them contain a invest for your touch. That ’ s where official Form 106Dect, the Declaration About an Individual Debtor ’ s Schedules comes in. The exclusive aim of this bankruptcy imprint is for you to sign under penalty of perjury that all of the data listed in your schedules is true .

The Statement of Financial Affairs

official Form 107 is called Your argument of Financial Affairs for Individuals Filing for Bankruptcy, or the SOFA for brusque. It covers information about your fiscal position that international relations and security network ’ t part of the schedules – from your income over the past few years, to legal actions you may have pending against you and much more .

Chapter 7 Statement of Current Monthly Income

official Form 122A-1, formally called the “ Chapter 7 Statement of Your Current Monthly Income ” is depart one of the means test phase. If – after completing the human body, you ’ re below the income limits for a chapter 7 bankruptcy, you ’ ll check the box that says there is no given of abuse .

A List of Creditors

The Bankruptcy Code requires that you submit a list of your creditors and their addresses in addition to the schedules and statements listed above. basically, this boils down to address labels, so the bankruptcy motor hotel clerk ’ mho office doesn ’ t have to pull that information from your schedules. This number is frequently called the “ creditor matrix ” or “ creditor mailing matrix ” and is normally accompanied by a verification – i.e. a document you sign that says all of your creditors ’ names and addresses are listed. But, there ’ s no official form for it, thus cook certain to check with your local bankruptcy court to find out their favored format .

Other Official Chapter 7 Bankruptcy Forms (You May Also Need)

The bankruptcy forms listed above are what ’ second needed in every single individual chapter 7 bankruptcy. But, depending on your fiscal site, there may be some extra information the court will need. The forms used to provide this extra data are not in truth optional – they ’ re more supplementary. They supplement the information you ’ ve provided in your prayer with some extra information .

Fee Waiver Application

If you can ’ metric ton yield to pay the Chapter 7 court file fee and your family income is less than 150 % of the federal poverty guidelines, you can use official Form 103B to ask for a fee release. This application to Have the chapter 7 Filing Fee Waived is submitted to the court at the like time as your petition .

Application to make payments for filing fee

If you ’ re not eligible for a tip release, but can ’ thyroxine wait to save up the wide $ 338 filing fee, you can submit official Form 103A, the Application for Individuals to Pay the Filing Fee in Installments with your request. This allows file your font ( and stop a garnishment ) with alone a little down-payment ( amounts vary by district ) and then make up to 3 payments to pay off the tip in full .

Statement About Your Social Security Number

This form, Official Form 121, tells the motor hotel your full social security number. If you ’ ra file with the avail of a lawyer, you probable won ’ t need this document. If you do submit it, make sure you keep it discriminate from your other bankruptcy forms so the salesclerk ’ mho office knows to keep it off the court ’ mho agenda .

Statement of Intentions

You ’ ll need to complete and file Official Form 108, titled the Statement of Intention for Individuals Filing Under Chapter 7, if you have any procure debt ( listed on your Schedule D ) or any unexpired contracts ( listed on your Schedule G ). For exercise, if you have a car loan, this mannequin tells the bank what you want to do about it. tied though this mannequin international relations and security network ’ thyroxine due until a little later in the serve, if you have secured debts it ’ randomness best to get this phase filed with the rest of your chapter 7 shape box .

Chapter 7 Means Test Calculation

If your family income is greater than the medial income for your state ( as determined by the chapter 7 Statement of Current Monthly Income that everyone has to file ) you ’ ll need to complete the chapter Means Test Calculation on official Form 122A-2 a well. This phase is where you show the bankruptcy court that you don ’ t have any disposable income .

Means Test Exemption

You file official Form 122A-1Supp, called the Statement of Exemption from Presumption of Abuse under §707 ( b-complex vitamin ) ( 2 ), if you ’ rhenium not required to complete the means test because your debt is chiefly non-consumer debt or based on your military service .

Schedule J-2: Expenses for Separate Household 

official Form 106J-2, titled Schedule J-2 : Expenses for Separate Household of Debtor 2 is used when a married couple filing bankruptcy together doesn ’ thyroxine actually live together .

Initial Statement About an Eviction Judgment Against You

official Form 101A is used if you ’ re behind on your rip and your landlord has received a judgment to evict you. If you ’ re able to bring your rent payments current, you can indicate arsenic much on this mannequin.

Statement About Payment of an Eviction Judgment Against You

official Form 101B is like to the one above, but comes into play if you ’ ra attempting to stay in your home for more than 30 days after you file .

source :
Category : Finance

Related Posts

How to Calculate Credit Card Interest Rates

interest rates are one of the ways to work out how much it will cost you to use your credit card, along with other charges and fees….

What debt collectors can & cannot do

If you are dealing with a debt collector, you have protections under the law. A debt collector must not mislead, harass, coerce or act unconscionably towards you….

Can You Afford a New Home? How to Determine Your Homebuying Budget

Can You Afford a New Home? How to Determine Your Homebuying Budget As with any major purchase, determining what you can afford before you look for a…

Why Did My Credit Score Drop?

Why Did My Credit Score Go Down When Nothing Changed? sometimes your mark does change based on factors outside of your control, but most times your behavior…

Why Do I Owe Taxes To The IRS & How To Avoid Them

Are you wondering why you owe indeed much in taxes this year ? Want to make certain you never owe a big tax bill – or any…

The 5 reasons why your credit score might suddenly drop

Select ’ s editorial team works independently to review fiscal products and write articles we think our readers will find useful. We earn a perpetration from affiliate…