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If you are filing for bankruptcy, you need to understand that there is much official paperwork involved. However, everything is quite straightforward, and you can easily fill the forms with the instructions provided. Unfortunately, these forms do not explain what happens in your case. To know whether you will protect your property by discharging your debts, you need to talk with a bankruptcy lawyer. To know more about bankruptcy discharge in Los Angeles, call 888-297-6203.
Filing the Bankruptcy Forms
Different bankruptcy forms provide various kinds of information relevant to your bankruptcy case. These include:
- Information regarding your identity – The Voluntary Petition for Individuals Filing for Bankruptcy form helps provide the court with your name and address as well as your Social Security number, name of any business you own, your bankruptcy chapter, plan of paying the filing fee, previous bankruptcy filing information, home rental status, the status of your credit counseling course. If you are filing a joint petition, information about your spouse is also required.
- Information regarding your property – Schedule A/B: Property is used to describe Any property you own, including real estate, automobiles (cars, vans, trucks, tractors, SUVs, motorcycles), motorhomes, aircraft, recreational vehicles, personal and household items, financial assets including bank accounts, retirement accounts, and investment, Business and business-related property, any money owed to you, and other assets.
- Your exempt property – Any assets you can keep can be mentioned on Schedule C: The Property You Claim as Exempt.
- Your collateralized debts – The secured debts are listed on Schedule D: Creditors Who Have Claims Secured by Property. Such debts include car loans and mortgages.
- Your other debts – All your priority and unsecured debts are included in Schedule E/F: Creditors Who Have Unsecured Claims. These include taxes and obligations to the government, child and spousal support, credit card balance, personal loans, utility bills, medical bills, etc.
- Your contracts and leases – Any contracts or rental agreements need to be mentioned in Schedule G: Executory Contracts and Unexpired Leases.
- Your codebtors – Individuals who will pay your debt if you fail to do so will be listed on Schedule H: Your Codebtors. These include cosigners for loans and joint credit cardholders.
- Your income – You will disclose your income and employment information, your spouse’s income (even if you are filing for bankruptcy without your spouse) through Schedule I: Your Income.
- Your expenses – Your monthly expenditure will be listed on Schedule J: Your Expenditure. Your expenses will be deducted from Schedule I net income to determine your monthly disposable income.
- Your financial affairs – You will mention your prior financial transactions, including gross income for the last 2 years, payments made to creditors, active lawsuits, property transfers, storage spaces, safe deposit boxes, previous foreclosure and repossessions, business information, bank account closure, and any property you are holding for someone else. This will be listed on the Statement of Financial Affairs for Individuals Filing for Bankruptcy
- Your Social Security number – This will be provided on the Statement About Your Social Security Numbers
- Your financial summary – You will mention your assets, income, debts, and expenses on the Summary of Your Assets and Liabilities and Certain Statistical Information
- Your verification – the accuracy of information provided can be submitted through Declaration About an Individual Debtor’s Schedules
- Other bankruptcy forms – These include means test forms for Chapter 7 bankruptcy qualification. The Statement of Intention for Individuals Filing Under Chapter 7 form is used to declare any property you intend to keep.
You can download the official forms from the US trustee’s website.