Bankruptcy Court Documents

Those considering filing for personal bankruptcy are wise to educate themselves about what documents the bankruptcy court looks at when considering a bankruptcy petition. Here's a summary of some information filers are required to provide when seeking bankruptcy protection.

Information Required in a Bankruptcy Petition

Filers must submit a petition that includes the following information:

List of debts: This includes both secured and unsecured debts, current and past-due debts, those from family members or friends and those from official lenders. In other words, a filer must present information on all debts he or she currently owes.
List of assets: This details a filer's possessions of value (for example, a car or home). This list may prove particularly important for those who plan to file for Chapter 7 bankruptcy, which may include a liquidation sale of any assets that are not protected by bankruptcy laws in the filer's state.
Statement of income: This helps the court rule whether a filer passes the Chapter 7 means test or whether the filer can afford a Chapter 13 bankruptcy repayment plan. The comparison between income and debts is crucial in determining which chapter a filer should choose. An income statement should include regular wages, tips, bonuses and any expected income (such as inheritance or a tax return).
List of expenses: This document, too, is important in helping the court determine whether or not to approve a repayment plan and/or a Chapter 7 filing. Expenses include costs such as mortgage payments, student loan payments, tuition fees, childcare costs, medical expenses, utilities and anything else that the filer is responsible for paying.

Other Things a Bankruptcy Court Looks At

In addition to the basic information all filers must supply, the bankruptcy court must make sure that a filer’s documents contain information that is complete and accurate. The filer must testify to the completeness and accuracy of all information in her petitions at the Creditors Meeting (also called the 341 Meeting).

Learn More about Bankruptcy Courts from a Lawyer

If you’re ready to learn more specifically how the bankruptcy court is likely to handle your case, you can fill out this form for a free legal consultation with a bankruptcy lawyer practicing in your area.

PAID ATTORNEY ADVERTISEMENT: THIS WEB SITE IS A GROUP ADVERTISEMENT AND THE PARTICIPATING ATTORNEYS ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. It is not a lawyer referral service or prepaid legal services plan. Bankruptcy.Me is not a law firm. Bankruptcy.Me does not endorse or recommend any lawyer or law firm who participates in the network. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Bankruptcy.Me may not be protected by attorney-client privilege. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys. An attorney responsible for the content of this Site is Kevin W. Chern, Esq., licensed in Illinois with offices at 25 East Washington, Suite 510, Chicago, Illinois 60602. To see the attorney in your area who is responsible for this advertisement, please click here, or call 866-200-8052.

If you live in Florida, Mississippi, Missouri, New York or Wyoming, please click here for additional information.

By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.