In addition to filing the Voluntary Petition form, Chapter 7 consumer debtors need to file the following supporting documents. Your local bankruptcy attorney will explain the time requirements, and what each document means in more detail but this is a general list of the forms you can refer to once you’ve decided to go the route of a chapter 7 bankruptcy.
Before you visit our office, or follow through the information below you can also download and complete the pre-bankruptcy forms found on our bankruptcy services page.
Exhibit D. This exhibit confirms that the debtor complied with the bankruptcy requirement that debtors obtain credit counseling before they file. Credit counseling can be taken online or in-person. The counseling is meant to help the debtor understand some of his/her options and his/her financial situation.
Some debtors may need to pay the filing fee in installments. They have to file a formal application with the bankruptcy court to authorize the installment payments. Other debtors may ask for a complete waiver of the Chapter 7 filing fee because their finances are so poor. This waiver request also requires a formal application as well.
A cover sheet: The debtor files a number of schedules. The cover sheet makes sure the debtor filed all the relevant and associated sheets. It’s also used for administrative purposes by the bankruptcy court. Some of the information, if not all of it, is now being scanned into computers so the full bankruptcy records can be scanned online.
The Summary of Schedules provides more detailed information about the schedules such as total figures of value for each schedule.
Schedule A: Real Property: The debtor lists the location of any real estate, the nature of the debtor’s interest in the real property, the value of debtor’s interest in the real estate without reference to any security interest, and the value of any security interest.
For example, the debtor may say he/she has 100% interest in the property which is worth $200,000 and has a security interest of $150,000. Most consumer debtors just have an interest in one piece of real estate.
Schedule B: Personal Property: For each item of property, the debtor identifies where the property is, the description of the property and the value of the debtor’s interest in the property without reference to any security interest.
Property includes, cash on hand, interests in financial accounts, security deposits, household goods, art objects, clothes, jewelry, firearms, hobby equipment, interests in insurance policies, annuities and interests in education IRAs.
Schedule C: Exempt Property: Debtors are allowed exemptions in many items such as homes, cars, and tools. The schedule lists the exempt property, the law that allows the exemptions, the value of the exemptions and the value of the property without the exemption.
Be sure to review the exemptions with your bankruptcy bankruptcy lawyer. There are federal and state exemptions. For instance these are the bankruptcy exemptions for the State of Connecticut.
Schedule D: Creditors who have security claims: Creditors with secured interests have the right to sell the property if the debtor doesn’t pay the underlying debt. The debtor has to provide a lot of information including (but not limited to) the name and address of the creditor, the account number, any co-debtors, when the debt was incurred, a description of the property, the value of the property without the collateral, the unsecured interest in the property and whether the security interest is contested.
Schedule E: Unsecured creditors with priority claims: Examples of priority claims are domestic support orders, debts acquired after bankruptcies; wages, salaries and commission due to the debtor’s employees, money the debtor owes to employee plans and other reasons your bankruptcy lawyer will know.
Schedule F: Unsecured Creditors with non-priority claims: The debtor has to provide a lot of information including (but not limited to) the name and address of the creditor, the account number, any co-debtors, the date the claim was incurred and the consideration for the claim and whether the claim is subject to a setoff, whether the claim is contingent, un-liquidated or disputed, and the amount of the claim.
Schedule G: Executory Contracts and Unexpired Leases: These contracts include residential leases, business leases, interests in any timeshares, and other similar items.
The debtor has to list any other debtors who are parties to the contracts and properly describe the contracts.
Schedule H: This schedule lists all the co-debtors by name and relationship (other than a spouse with a joint interest). It includes guarantors and co-signers.
Schedule I: The debtor’s income: The debtor lists all source of income such as employment and self-employment income, the employer’s occupation, the employer’s name and address, gross income, all appropriate deductions and the net income.
Other sources of regular income include royalties, interest and dividends, social security income, unemployment compensation and other income.
Schedule J: The debtor’s expenses: This includes a full range of expenses including utilities, rent or mortgage, household supplies, transportation costs, medical costs and other expenses. Be sure to list all of your expenses.
Additionally, there are forms that have to be completed to satisfy the means test requirements.
Other required forms include stating the debtor’s social security number, the debtor’s statement of intention, and a certification that the debtor completed an instructional course on financial management before the final discharge.