The Bankruptcy
Petition and Schedules
The Bankruptcy Petition and Schedules
The filing of the Bankruptcy Petition is what starts the bankruptcy process by generating a bankruptcy case number and implementing the operation of the Automatic Stay under 11 U.S.C. § 362. The Petition is a rather short form that outlines the Debtor’s name and address, identifies the specific bankruptcy chapter (e.g., Chapter 7, Chapter 11 or Chapter 13, for example) and provides some other basic disclosures about any prior filings and related cases, a confirmation that the required credit counseling was completed, and some other basic estimates around the number of creditors, and the total value of assets and amount of debt.
The schedules that support the Petition are identified by letters A through G. And are used to disclose the details of a Debtor’s real and personal property (Schedules A/B); the legal exemptions being claimed against those assets, as provided under applicable law (Schedule C); the details of all secured, priority and unsecured debt and creditors (Schedules D, E and F, respectively); the identity of any executory contracts (Schedule G); and the identity of any co-debtors that share joint liability on any of the debts (Schedule H).
Statements
There are also various statements that need to be filed, such as Statement of Financial Affairs (“SOFA”). This requires disclosures around a number of “catch-all” items that are not identified in Schedules A-G. For instance, prior addresses; prior income; past payments to certain creditors and insiders; donations to charities and gifts to others; losses from fire, theft and gambling; prior lawsuits; current and past business interests; and transfers of assets outside the ordinary course of affairs, to name a few.
There is also a Statement About Your Social Security Numbers. A Declaration Regarding Payment Advices (which payment advices need to be attached and filed with this Declaration). A Declaration of Compensation of Attorney for Debtor(s). And the Declaration About An Individuals Schedules which declares that you have read all of the information included in the Schedules and Statements and that they are true and correct, and requires your signature to be included under penalties of perjury.
Finally, you will need to complete the Statement of Current Monthly Income. This could lead to a more expansive “Means Test” to determine your eligibility for a Chapter 7 bankruptcy. Or your required commitment period (3 or 5 years) under a Chapter 13 bankruptcy.
Paperwork
The amount of paperwork that needs to be completed and filed can become overwhelming. But we will make it easy for you by creating draft documents based on our face-to-face interviews with you and our review of the documents you provide to us.
The bankruptcy petition and schedules and statements are such a critical part of the process. Further, if done incorrectly, could ultimately cost you your bankruptcy discharge. We are here to hold your hand through the process and make sure that any issues are identified in advance so that you understand any potential risks and are well-prepared to mitigate them.
Contact us at 954-280-3328 (DEBT) for more information about bankruptcy schedules. Or to schedule an appointment to discuss the details of your case.
The Bankruptcy Means Test
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