Paperwork You'll Need to File for Bankruptcy

Once you have decided that filing for bankruptcy is your best option, it's time to get started on your paperwork. Whether you file for Chapter 7 or Chapter 13 bankruptcy, you will have to complete a fairly large packet of forms with the bankruptcy court. Here's a full list of the forms you'll need, along with links to download them for free. These forms provide the bankruptcy trustee and your creditors with information about your assets, debts, income, and financial transactions.

Before you get started, you'll want to gather some basic financial information and documents. Here's a brief list of the items you'll need.

Bankruptcy Document Checklist

Personal Information You'll Need to File

In addition to your name, address, and the last four digits of your Social Security number, you'll need to provide names you've used in the past eight years, your children's ages, the name and address of your employers, and personal information about your spouse (if applicable).

Proof of Income for Your Bankruptcy Paperwork

You'll need proof of your income, such as pay stubs or a statement from your employer, along with your most recent tax return. You'll also need to submit your tax return and proof of your income for the 60 days before you file to the court, along with information about your earnings from all sources for the past two years. (11 U.S.C. § 521(a)(1); § 521(e)(2)(A).)

Monthly Expenses You Must List

You will need to list all of your monthly expenses as accurately as possible. This includes regular monthly expenses, such as mortgage or rent, utilities, auto payments, insurance, groceries, and other household expenses. Don't forget expenses you may pay only once or twice a year, such as insurance, property taxes, or school expenses. If you own an automobile, include maintenance, fuel, insurance, and repairs. If you don't own a vehicle but commute, include travel expenses such as bus fares.

Assets You Must Disclose in Bankruptcy

On your bankruptcy forms, you will have to list every item of property you own and how much it's worth. Your property includes not only obvious items, such as real estate and automobiles, but everything of value, such as jewelry, furniture, books, and other household goods. You don't need to list every fork, flashlight, or DVD individually; you can group common household items into categories, such as "household items."

Once you've listed each item, write down its worth by figuring out the replacement cost: what you'd have to pay to buy the same item, of similar age and in similar condition. Your assets also include bank accounts, 401(k)s, and cash on hand. As money flows in and out of accounts, these numbers will change, but give the best estimate you have. Think of this as a snapshot of everything you have heading into bankruptcy.

Debts You Must List on Your Bankruptcy Forms

You need to list all your debts, whether you intend to repay them or not. For each debt, include the account number, the creditor's full contact information, and the amount you owe.

Financial Transactions You Must Disclose

You'll also need to provide information about certain transfers of money or property, including payments to ordinary creditors in the 90 days before filing, payments to family members or business partners in the past year, and property transfers, gifts, or closed bank accounts within the past two years. (11 U.S.C. § 547.)

Complete Your Bankruptcy Forms Accurately

It's very important to be accurate and complete when filling out your bankruptcy forms. Mistakes can be corrected by filing an amendment, but that takes time and sometimes money. Worse, inaccuracies may cause the trustee and creditors to doubt the rest of the information you've provided. And if the trustee decides that you intentionally hid property or lied about important matters such as your income or financial transactions, your whole case could be dismissed and your discharge denied. (11 U.S.C. § 727(a).)