How to Prepare Chapter 7 Bankruptcy Paperwork
In a Chapter 7 bankruptcy, a debtor's assets are liquidated in order to pay off her debts. To prepare to file bankruptcy, you will need to prepare detailed paperwork that outlines your financial situation. This paperwork will include a Chapter 7 bankruptcy petition, a statement of financial affairs, a monthly budget and a listing of your property and your debts. You can obtain forms and templates for these documents through the bankruptcy court for your state and district.
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Instructions
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Draft your petition for bankruptcy. A Chapter 7 petition officially commences the bankruptcy proceedings. In the petition, you must list basic demographic information on the circumstances surrounding your bankruptcy.
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Prepare a statement of financial affairs. Along with your Chapter 7 bankruptcy petition, you will need to provide a detailed financial statement that details specifics about your outstanding debts and what payments you have made to creditors.
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Provide the names and address of your creditors. Because a Chapter 7 bankruptcy petition initiates an automatic stay against future collection attempts, you will need to provide the court with a listing of your creditors' contact information so they can be informed that you have filed for bankruptcy.
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Outline your monthly living expenses. To assess how your property will be liquidated in your Chapter 7 bankruptcy proceeding, the court will need to see documentation that lists what you pay each month for housing, food, transportation, clothing and other necessary expenses.
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List all of your property. The bankruptcy court will need to see a list of all your personal and real property, including automobiles, household appliances and furniture, books, clothing, jewelry, art and family heirlooms. Even if your plan to exempt any of this property in your Chapter 7 bankruptcy proceeding, you will still need to disclose it to the court.
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