Steps to Completing the Bankruptcy Petition

The Bankruptcy Code imposes a duty of completeness and accuracy on debtors in filling out the bankruptcy petition.  This means that all debtors must fully and honestly disclose their income, assets and debts.  Moreover, every debtor is required to sign his bankruptcy petition under penalty of perjury. 

The Bankruptcy Petition

The bankruptcy petition requires a debtor to disclose basic information about himself including his name, address, mailing address, telephone number (if he is representing himself), and social security number.  The voluntary bankruptcy petition also requires the debtor to disclose: 

• Whether the debtor is an individual or business entity;
• Whether the filing fee will be paid in full or in installments;
• Whether the bankruptcy is a Chapter 7, 11, 12, or 13;
• Whether the debts are consumer or non-consumer;
• The estimated number of creditors;
• The estimated amount of debt;
• All prior bankruptcies filed within the previous eight year period;
• Pending bankruptcies filed by a spouse, business partner, or affiliate;
• Information regarding venue; and
• Whether the debtor resides as a tenant of residential property. 

Some of the requested information may not be applicable to a particular debtor.  In such cases, “N/A” or “None” should be entered in the space provided for the debtor’s answer to the question. 

The Bankruptcy Schedules

A debtor must complete Schedules A-J. 

• Schedule A is used to disclose a debtor’s interest in real property along with its value.
• Schedule B is used to list the debtor’s personal property along with its value.
• Schedule C is used to list all property which the debtor is claiming as exempt and the amount of each exemption being claimed.
• Schedule D is used to list all secured debts.
• Schedule E is used to list all priority unsecured debts.
• Schedule F is used to list all unsecured debts.
• Schedule G is used to list unexpired leases and executor contracts;
• Schedule H is used to identify co-borrowers.
• Schedule I is used to itemize the debtor’s income.
• Schedule J is used to itemize the debtor’s expenses.  

In addition to the bankruptcy schedules, debtors must also complete the following forms: 

• Declaration Concerning Debtor’s Schedules;
• Summary of Schedules;
• Statement of Financial Affairs;
• Statement of Intention (in Chapter 7 Cases); and
• Statement Pursuant to Rule 2016(b) (if represented by an attorney). 

Depending on the debtor’s circumstances he may also be required to file an Application to Pay Filing Fee in Installments or an Application for Waiver of Filing Fee.  Additionally, in all Chapter 7 and Chapter 13 cases, debtors must file pay stubs or payment advices and a pre-bankruptcy counseling certificate. 

Getting Legal Help

If the bankruptcy petition and schedules contain numerous errors, a debtor risks having his case dismissed.  Therefore, it’s best to hire an experienced bankruptcy attorney who will make sure that the bankruptcy petition and schedules are properly and accurately completed.