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Get ready to file your Chapter 7 bankruptcy

| Jan 9, 2020 | Chapter 7 Bankruptcy

If you are going to enter into bankruptcy, there’s a lot of information that you need to provide. Your attorney can give you a detailed list, but it’s a good idea to get as much together as possible before your first meeting.

Here is a short description of some of the items that you may need to fill out on the initial paperwork.

What do you need to fill out an official bankruptcy form?

To fill out your Chapter 7 petition, you need to know all of your debts. You need to know how much those debts are and how often the debts are taken out of your accounts. Write down the names of your creditors and what claims they have against you. For example, you may have a loan for your car through a local bank.

You should be able to list all of the items you own. You also need to write down all your monthly expenses. You can include everything from medications to taxes and food.

Your attorney will need all of this information to help you file for Chapter 7 bankruptcy. If you are married and filing, remember that you need to put together your spouse’s information as well. It doesn’t matter if your spouse is filing jointly or if you’re filing on your own; this information is always necessary.

What is a schedule of exempt property?

A schedule of exempt property is a document you file with the court that allows you to prevent some of your assets from being claimed by creditors. For example, you may be able to protect a single vehicle or your computer if you use it to work. The exact exemptions you can claim will depend on your specific case, so it’s something to discuss closely with your attorney.

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