How to Meet the Documentation Requirements for Bankruptcy

To file a petition for bankruptcy, you must meet a number of documentation requirements. You will need to gather these items before you file for bankruptcy. You may be required to provide further documentation to the court at a later date to back your petition for bankruptcy. Here's what to do.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Chapter 7 or Chapter 13 means test
• Petition for bankruptcy
• Filing fee
• Administrative fee
• Trustee surcharge (Chapter 7 only)
• Information on current financial status
• Copy of last year's tax return
• Additional paperwork if your debt is mostly consumer debt, including:
• Certificate of credit counseling
• Evidence of payment for past 60 days
• Tuition records
• Record of anticipated increase in income / expenses

1. Complete a means test to demonstrate your eligibility for bankruptcy. There are separate forms for Chapter 7 and Chapter 13, both available at the U.S. Department of Justice website (see Resources below).
2. File a petition for bankruptcy with the bankruptcy court in the area where you live. You will also be required to pay a case filing fee, an administrative fee and, for Chapter 7 only, a trustee surcharge. While court fees must normally be paid to the court clerk upon filing, the court can grant permission for you to pay in installments.
3. Document your current financial status according to the requirements of the court, which will include schedules of assets and liabilities, current income and expenditures, executory contracts and unexpired leases and a statement of financial affairs.
4. Provide the court and assigned case trustee with a copy of your tax return for the most recent year. If you file taxes during the process of declaring bankruptcy, you will also need documentation for that return.
5. Fulfill the additional documentation requirements for debtors who have mostly consumer debt. You will need a certificate of credit counseling, evidence of payment from your employer for the 60 days preceding your filing, records for any education or tuition accounts and any anticipated increase in income or expenses.

Tips & Warnings

• To meet the documentation requirements of the court, most of your information should be organized into the appropriate forms, which are available on the U.S. Courts' website (see Resources below).
• If you can, meet with an attorney to go over your documentation before you file your petition. You can usually meet with a lawyer for no cost by going through local legal aid or contacting a lawyer who offers a free initial consultation.
• The documentation for filing for Chapter 7 and Chapter 13 are basically identical, with the exception of the means test.
• If you are married but filing petitions individually, each of you will need to complete a separate set of forms.