Common Bankruptcy Forms

If you plan to file for any type of personal bankruptcy, there is a multitude of different bankruptcy forms you will need to have prepared and filed before entering proceedings. Each different type of bankruptcy filing requires its own arrangement of paperwork, and this arrangement will depend on the bankruptcy laws for your home state.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy, also referred to as Liquidation Bankruptcy or Straight Bankruptcy, allows filers to retain personal belongings, or “exempt assets” but relieve themselves of all debt to creditors. However, the court may decide to force liquidation of the monetary value of all non-exempt personal belongings. People who file for chapter 7 bankruptcy are not relieved of debt incurred from legal negligence (fraud, alimony, traffic and criminal negligence, child support, etc.), or purchases of merchandise made within 40 days of bankruptcy filing. Chapter 7 is the most commonly used filing, largely believed to be the most simple.

Chapter 13 Bankruptcy

  The rules involved in a Chapter 13 Bankruptcy (also referred to as a Reorganization Bankruptcy) filing differ from the requirements for Chapter 7.  For one, a Chapter 13 filing allows the petitioner time to separate, itemize, and methodically take care of your debt. You will be required to show evidence of your daily income being insufficient enough to cover your personal daily expenses, though your income must equal more than zero. Another difference between Chapter 7 and Chapter 13 filings is the fact that Chapter 13 bankruptcy involves a strategized repayment plan, approved by the bankruptcy court and require the individual to pay a monthly payment without disallowing the filers monthly needs.

Common Paperwork Involved in Bankruptcy Filings

   The following is a small sampling of the typically required paper forms being correctly filled out and filed before bankruptcy proceedings can take place.

• Form B1 – Voluntary Petition
• Form B3a – Application to Pay Bankruptcy Filing Fees in Installments
• Form B6i – Schedule I – Current Income of Co-Debtors
• Form B240 – (Chapter 7 Only) Reaffirmation Agreement With Order
• Verification of Creditor Matrix
• Chapter 13 Repayment Plan (Chapter 13 Only)

This is only a very small sampling, and you will need to review a complete list of all forms necessary.

Getting Help

If you are facing bankruptcy, you will need to get the help of an experienced bankruptcy attorney to assist you in navigating the many bankruptcy forms you must complete. Your attorney can tell you which forms apply to your particular bankruptcy and what you must do to ensure you get your bankruptcy filed without a problem.