When it comes to filing for chapter 7 or chapter 13 bankruptcy, you are required to complete several forms, which are also known as schedules. To complete these bankruptcy forms you will need:
- Your recent state and federal tax returns
- Six months’ worth of pay stubs
- Recent bills or collection of letters
In this post, we will explain the different types of forms that you need while filing bankruptcy.
Here you go with the details:
- The Petition (Form 101)
This is a voluntary petition for individuals who want to file for bankruptcy. It is a kind of introductory form where you are required to provide your personal information such as your address, name, etc. This also indicates that you want to file for Chapter 7.
- Your Property (Form 106 A/B)
This is the form where you disclose the ownership interests that you have in personal and real property. The former includes bank accounts, cash, household goods, clothing, etc. While the latter includes your house, land, condominium, or any other type of real estate that you own.
- Your Exempt Property (Form 106 C)
This is where you can list the property that you want to protect from bankruptcy. If you file bankruptcy under chapter 7, then you get the chance to protect a certain amount of your property. This is what is termed as ‘exempt’ property. But your non-exempt property can be sold off by your bank to pay back your creditors.
- Debts Secured By Property (Form 106 D)
This form requires you to include a secured claim, like an obligation or loan. For this, you will have to pledge a certain amount of your property as collateral. In case, you fail to pay the obligation, the creditor will have the right to take back the property through repression or foreclosure.
- Unsecured Debts (Form 106 E/F)
This is where you list your remaining debts, such as personal loans, credit card bills, medical bills, etc. You can also include claims which are not dischargeable in bankruptcy. This includes child support, alimony, and certain taxes.
- Executory Contracts & Unexpired Leases (Form 106 G)
This form requires you to list the contracts that you and a lender have entered. Common examples are car leases, license agreements, rental agreements, personal property leases, etc.
- Your Codebtors (Form 106 H)
In this form, you list your codebtors. However, it should be reminded that your discharge only eliminates your liability for the debt and not your codebtor’s liability.
- Your Income (Form 106 I)
This is where you disclose your income and employment information. If you are married and filing for bankruptcy without your spouse, you are still required to list your spouse’s income in the form.
- Your Expenses (Form 106 J)
In this form, you will disclose your expenses. You are required to provide the details of your monthly budget.
Filing for bankruptcy is a big thing and it involves a lot of paperwork. Besides the forms mentioned in this post, you will have to complete more paperwork and schedules.
